Dogecoin Co-Creator Bashes Other Memecoins, Compares them to Ponzi Schemes

Billy Markus – Co-Founder of Dogecoin – is not keen on other memecoins. In his view, creators of such projects are “trying to get rich” on the back of individuals seeking quick profits.

‘Memecoins Aren’t Even Memes’

In his most recent tweet, Billy Markus – aka Shibetoshi Nakamoto – was not kind to other memecoins. While his digital currency – Dogecoin – was established as a way to make fun of “the idiotic coins” and a representation of irony, Shiba Inu and the copycats look like a financial pyramid, he claimed.

remember dogecoin was made 8 years ago. as satire. making fun of the idiotic coins. irony. satire.

current “meme” coins aren’t even memes. they’re made by people trying to get rich off of other people trying to get rich. to each their own, but it is indeed a different thing.

— Shibetoshi Nakamoto (@BillyM2k) February 23, 2022

Markus also accused the creators of memecoins of lying about the nature of the projects and making “ridiculous promises” that could lure investors into the scheme. In many cases, those assets aim to grab the attention of Elon Musk, who could later popularize them.

It is safe to say that Tesla’s CEO has the power to change the tides in the memecoin space with his posts and statements. In the past year or so, his words led to substantial disruptions in the market and affected certain projects numerous times.

Last summer, a tweet of his contained the words “Baby Doge.” His engagement did not impact Dogecoin’s price but its copycat – Baby Doge Coin. Minutes later, the latter’s USD value skyrocketed by 90%.

In September 2021, the entrepreneur announced he bought a new dog, and he named him Floki. Shortly after, new tokens containing the same name emerged as one of them was Floki Inu. Thanks to its newly-established connection to Musk, the asset’s price surged by 110% in the hours to follow.

On Christmas, Tesla’s boss uploaded a picture of his dog dressed as Santa Claus. Somewhat expectedly, Santa Floki Coin became the newest memecoin in existence. In the next 48 hours, its price skyrocketed by more than 18,000%.

Musk and DOGE

Despite his (unintentional) interactions with other tokens, the first-ever memecoin is Musk’s favorite. He often praises its merits, saying it is better suited for payments than bitcoin.

In December last year, he revealed that Tesla will start accepting DOGE as a payment method for some merchandise. The token’s price headed north immediately after the announcement.

Nearly a month ago, Musk challenged McDonald’s to accept his favorite memecoin as a means of payment. He vowed to eat a happy meal on TV if the fast-food chain does so.