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Dogecoin Co-Founder Says 95% of Cryptocurrency Projects Are Scams and Elon Musk Reacts

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Dogecoin (DOGE) memecoin co-founder Billy Markus, known on the networks as “Shibetoshi Nakamoto” claimed that 95% of cryptocurrency projects are scams, generating an intense debate on Twitter that even caught the attention of billionaire Elon Musk, supporter of the DOGE.

In his post, Markus stated that most projects are nothing more than rubbish with no real value. Furthermore, he called most members of the community idiots.

Markus took the opportunity to snipe, in advance, the “haters” of the tweet, anticipating that the statement would be controversial:

“Also note that the only people who will react and attack these tweets are the scammers and idiots.”

Community reacts to Markus’ tweet

As expected, the publication moved “Crypto Twitter”, receiving more than 1,700 retweets, about 250 comments and more than 16,000 likes.

Even Elon Musk, Tesla CEO and self-proclaimed “father of Doge” reacted, responding with a “crying with laughter” emoji.

Naturally, some users recalled that DOGE was also born as a joke, a cryptocurrency meme.

“Didn’t people think that about Doge when it started? Wasn’t it just a shitty meme coin?” one user asked.

Meanwhile, another posted: “Invents DOGE and says 95% of cryptocurrencies are scams and junk.” There were even those who said that Dogecoin would no longer exist if people researched it well enough.

In response to these and other similar comments, Markus pointed out that DOGE was created literally as “satire”. That is, its objective was precisely to ridicule the state of the cryptocurrency market and the prevalence of useless projects in the industry.

On the other hand, there were those who defended the “naivety” of some people in the crypto ecosystem:

“Crypto people are not idiots. They are buying cryptocurrencies with hope. But unfortunately, some ultra-rich people pump and dump and make huge profits, causing people to lose money and confidence.”

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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