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Elon Musk reacts to DOGE founder's claim that 95% of cryptos are scams

Billy Markus, co-founder of DOGE, caused a heated debate by asserting that 95 percent of cryptocurrency ventures are bogus. His whining even attracted Elon Musk's notice.

Markus is well-known for his outspoken and often snarky tweets, despite the fact that he is no longer actively engaged with the memecoin he helped establish.

Recently, he asserted that the Shiba Inu metaverse project (SHIB), which is regarded DOGE's greatest opponent, is a fraud. Now, the software developer is criticizing the whole cryptocurrency sector, namely 95 percent of the industry.

People believe crypto is 95 percent scams and garbage, and the majority of crypto users are jerks, because crypto is 95 percent scams and garbage, and the majority of crypto users are jerks. Let's alter that. It begins with you - what you support and how you conduct yourself.

Numerous projects harm the industry overall.

According to Markus, the manner in which the majority of crypto projects are formed and the majority of consumers become involved with this "crap" harms the overall industry.

The controversial new tweet from the founder of DOGE follows the collapse of the Terran ecology. With the collapse of Luna and UST tokens last week, billions of dollars vanished from the market, causing many users to incur losses.

This occurrence has echoed around the globe, heightening regulatory agencies' worry, particularly about stablecoins.

The DOGE Group Have New Products

The programmer continued, anticipating a backlash to his views, "Also bear in mind that the only people who will respond and attack this tweet are fraudsters and idiots."

In fact, there are more than 1,800 reactions to this post. Numerous individuals concur with this viewpoint, while some assert that Markus is hypocritical. Despite being a memecoin, Dogecoin has a market value in the billions of dollars. In recent years, its success has inspired the establishment of many meme-based cryptocurrencies.

In this regard, the developer has always emphasized that DOGE was designed as a joke about the state of the cryptocurrency industry. According to Markus, this organization has an abundance of pointless projects.

And yet. The Dogecoin team has introduced industry-changing innovations, such as the ability to conduct offline transactions with the asset.

Elon Musk participates in the discussion.

Elon Musk responded to the DOGE founder's post with a cryptic laugh emoji, given that he is largely credited for the growth of Dogecoin and, by extension, meme-based cryptocurrencies in general.

This is not the first time the CEO of Tesla has communicated with the doge founder on a social network. The week prior, the billionaire assured Markus that his invention has the potential to become a global method of payment.

At the end of the given time period, DOGE was trading at $0.086, a decrease of 4.5 percent. According to CoinGecko, despite this, the asset remains the tenth largest cryptocurrency by market capitalization, with a capitalization of $11.5 billion.

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