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

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Billy Markus, co-founder of the popular memecoin Dogecoin (DOGE), said the vast majority of cryptocurrency projects in the industry are just scams and garbage with no real value.

Markus: 95% of crypto projects are scams

In a recent tweet, the creator of Dogecoin argues that 95% of cryptocurrencies are worthless because they have managed to destroy the reputation of the entire industry.

Top traditional financial players and most mainstream internet users have flagged the entire digital asset space as “junk” and a scam due to bad players and projects in the space, Markus said.

Markus’ tweet comes after the catastrophic failure of the Terra ecosystem. The project’s woes started when UST was delinked from $1, and LUNA went down with it. All efforts by the Luna Foundation Guard (LFG) to defend the peg of the digital asset proved futile as the project subsequently collapsed, leaving investors with losses.

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Crypto Twitter Response

Knowing that his statement would be controversial, Marcus added, “Also note that the only people who will react and lash out at this tweet are liars and assholes.”

As expected, the tweet sparked a heated debate among members of the crypto community on Twitter. While some users support his views, others accuse him of a lack of self-awareness as he co-founded memecoin, spurring the creation of hundreds of useless copycats.

In response, Markus pointed out that the most popular memecoin DOGE was created as a “sarcasm” to mock the state of the crypto market and the prevalence of meaningless projects in the industry. He further emphasized that he prefers quality over quantity.

Governor Elon Musk’s reaction

Tesla CEO Elon Musk, the self-proclaimed “father of dogs,” has a completely different reaction than everyone else. The billionaire, known for influencing the market with his DOGE posts, found Markus’ tweets very funny and replied with a scrolling smiley emoji.

Musk is one of Dogecoin’s biggest influencers, and his electric car company announced in January that it would enable DOGE payments for some of its goods.

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