TL;DR Breakdown
- Dogecoin creator, Billy Markus, warns about the recent hype surrounding “meme-based” coins.
- Markus, who left the project in 2015, criticizes pump-and-dump projects for lacking long-term sustainability.
Dogecoin creator and “meme advisor” for the Dogecoin Foundation, Billy Markus, has warned investors against hyped projects without any inherent “value.” Billy Markus, who tweets under the nickname Shibetoshi Nakamoto, is a rather interesting character in the crypto space.
The 38 years old software engineer created the highly speculative Dogecoin cryptocurrency, featuring the popular Shiba Inu dog, as a joke without any real intent to enrich himself. Markus only expected to generate a few laughs and gain applause from fellow cryptocurrency enthusiasts.
Cryptocurrencies have enjoyed huge popularity this year, and even tongue-in-cheek projects have skyrocketed – cue Dogecoin. No one could have predicted the sequence of events that led to this new normal, which peaked with the interference of the Reddit community and Elon Musk on Twitter. These interventions caused the price of DOGE to rise to an all-time-high before settling on the current price of $0.2566. It also made some early adopters accidental millionaires along the way.
The big question is – Is the creator justified in his aversion towards the next wave of speculation in favor of project sustainability?
Fundamentals such as a deflationary tendency and an incompatibility with Ethereum-like networks suggest that the potential value of DOGE and similar projects might fall into obscurity.
On the other hand, the ever-evolving crypto market might still have more surprises in store for us. In theory, almost every cryptocurrency has its use case. Suppose Dogecoin’s only purpose is only to draw attention from the outside world to crypto. In that case, it can become an invaluable marketing tool that can be used to support blockchain investments in general.
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