Dogecoin Co-Creator Billy Markus Says Crypto Doesn't Need Another Coin: Here's Why

Markus said that, unlike DOGE, the current batch of meme-coins is only created to "make founders rich."

DOGE was created back in 2013 as a “joke.”

Source : Getty

New Delhi: Dogecoin (DOGE) was created back in 2013 by software engineers Billy Markus and Jackson Palmer as a “joke.” The primary aim of the co-creators was to develop a payment system that poked fun at the speculations and uncertainties around cryptocurrency at the time. However, Dogecoin eventually garnered great support from dedicated followers over the years, spurred on by endorsement from Tesla and SpaceX CEO Elon Musk, who has even taken up the moniker ‘Dogefather’ to show support. DOGE also made way for more meme-based coins such as Shiba Inu (SHIB), Floki Inu (FLOKI), Dogelon Mars (ELON), and more. On Tuesday, Markus took to Twitter to say that cryptos don’t need yet another coin or token.

On May 17, Markus, who goes by the pseudonym Shibetoshi Nakamoto on Twitter, posted that the current batch of “meme” coins is made to “make founders rich” and he doesn’t support the trend.

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Markus said that he created DOGE as a “satire” to show “how many dumb coins exist.” He claimed that the founders “barely made anything.” However, the trends have changed and to this, Markus simply said, “We are not the same.”

$doge: made 8 years ago as satire of the cryptocurrency scene and how many dumb coins exist, at a time when the scene took itself super seriously. got popular despite this. founders made barely anything.

current “meme” coins: made to make founders rich.

we are not the same.

— Shibetoshi Nakamoto (@BillyM2k) May 17, 2022

In his post, a Twitter user named The Bitcoin Shaykh asked Markus to “start a new project in crypto.” To this, he replied, “The last thing crypto needs is another coin or token.” Markus went on to say, “Why don’t we build on things that already exist instead of make another unneeded thing.”

Markus’ comment received support from other Twitter users. User @MoonlitMonkey69 said, “Yeah, there's a huge gap between potential and speculation, and that needs closing, and user friction needs lowering.”

Another user @RichDevX responded, “We haven't even hit the technical limits of what we already have, creating a new coin won't change the fact that merchant adoption is currently quite low.”

At the time of writing, DOGE price stood at $0.08855, as per CoinMarketCap data. On Indian exchange WazirX, DOGE Price stood at Rs 7.1813.