Dogecoin Co-Founder Says 95% of Crypto Projects Are Scams, Elon Musk Reacts

Billy Markus, co-founder of the popular memecoin Dogecoin (DOGE), said the great majority of cryptocurrency projects in the industry are nothing but scams and garbage with no real value to offer.

Markus: 95% of Crypto Projects are Scams

In a recent tweet, the Dogecoin creator argued that 95% of cryptocurrencies are worthless as they have succeeded in destroying the reputation of the entire industry.

According to Markus, top traditional financial players and most mainstream internet users have labeled the entire digital asset landscape as “garbage” and a scam because of the existence of bad players and projects within the space.

the reason why people think crypto is 95% scams and garbage and most crypto people are assholes is because crypto is 95% scams and garbage and most crypto people are assholes

let’s change that. it starts with you – what you support, and how you behave.

— Shibetoshi Nakamoto (@BillyM2k) May 16, 2022

Markus’ tweet comes in the wake of the catastrophic failure of the Terra ecosystem. The project’s woes started when UST depegged from $1, bringing LUNA down with it. All efforts by the Luna Foundation Guard (LFG) to defend the digital asset’s peg proved futile as the project subsequently crashed, leaving investors scratching their heads in losses.

Crypto Twitter Responds

Knowing that his statement would be controversial, Markus added, “Also note that the only people who are gonna react triggered and lash out to this tweet are the scammers and assholes.”

The tweet, as expected, sparked a heated debate among members of the crypto community on Twitter. While some users were in support of his opinions, others accused him of lacking self-awareness, considering that he had co-founded the memecoin that spurred the creation of hundreds of useless copycats.

In reply, Markus pointed out that the most popular memecoin, DOGE, was created as “satire” to ridicule the state of the crypto market and the prevalence of pointless projects in the industry. He further emphasized that he prefers quality over quantity.

DogeFather Elon Musk Reacts

Elon Musk, CEO of Tesla and the self-proclaimed DogeFather, reacted quite differently from others. The billionaire, known for affecting the market with his DOGE posts, found Markus’ tweet very funny and replied with a rolling on-the-floor laughing emoji.

Musk is one of Dogecoin’s biggest influencers, and his electric car company announced in January it was enabling DOGE payments for some of its merchandise.