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Why did Dogecoin co-founder Billy Markus say 95% of cryptocurrencies are scams?

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Every now and then, people blame most cryptocurrencies and digital assets for being frauds or scams; now, Billy Markus has also stated something similar.

Co founder of popular memecoin, Dogecoin, Billy Markus, has recently opined in his tweet that about 95% of available cryptocurrencies in the crypto market are scams and garbage. Some users have found that accusing the Dogecoin co-founder of having a lack of self-awareness as he actually co-founded a cryptocurrency that is entirely pointless and has endangered a number of scam coins. 

The Dogecoin co-founder, in his defense, said that the most famous memecoin in the world was made as a joke or satire. Markus has put stress on the fact that he usually prefers quality over quantity. In 2013, Dogecoin was launched and last year gained immense popularity while seeing very little activity on its developer site. Despite dismissing so many coins as a scam, Dogecoin successfully managed to turn a handful of its fans into millionaires. 

ALSO READ – Utility tokens vs. Equity tokens: Know which is better, where to invest

Mainly its gains were fueled by Tesla and SpaceX CEO and multi Billionaire Elon Musk when he devoted his account on Twitter to posting memes regarding the coin. However, the massive bull run that Dogecoin has experienced was not sustainable for long. Currently, its price is down by more than 87% from its record peak that it made last year. 

Still, despite being a meme coin created as a joke initially, it has performed quite well while comparing it to the LUNA native token of Terra network that has lost its almost 100% of value in just a matter of several days. 

Markus recently tweeted that the controversial co-founder of Terra, Do Kwon had to leave the crypto space forever. This should not be taken as something surprising after all; looking at the conditions of the crypto market where every now and then there were instances, crypto-assets seem massive drops due to which crypto market and whole industry seen backlashes from people all across the world. 

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