The creator of the cryptocurrency-meme Dogecoin claims that almost all crypto projects are scams

Dogecoin is the cryptocurrency made in an afternoon and with totally parodic intentions that wanted to criticize the hype and devotion to cryptocurrencies. The joke turned around and some took it seriously and invested in it, and even Elon Musk wanted to do a space project funded by Dogecoin. It's been a while since we talked about this currency, and now its creator has come to the fore to criticize on social networks all projects related to cryptocurrencies.

The reason why people think that crypto is 95% scams and garbage and most people in the crypto world are jerks is because crypto is 95% scams and garbage and most people of the crypto world is stupid. Let's change that. It starts with you, what you support and how you behave.

Billy Markus, creator of DogeCoin

The creator of Dogecoin reiterates that the world of cryptocurrencies must improve

The criticism of the creator of a cryptocurrency that was born as a parody affects a continuous criticism regarding the world of blockchain, cryptocurrencies and crypto assets: while technology can be interesting, there are plenty of scams around. That is why he has not said that the entire sector is a scam, because that 5% is not and there is a real technological project behind it.

While some users agreed with the DOGE co-founder, others accused Markus of lacking self-awareness for having co-founded Dogecoin. Dogecoin is accused of having opened the door to fraudulent cryptocurrencies. Markus defended himself by saying that Dogecoin was created for the “satire“, underlining that he values ​​quality over quantity.

Markus' comments come at a time when the cryptocurrency market is booming projects that turn out to be a scam. Many of these projects are believed to be created by people who want to make a quick buck and then disappear. The Dogecoin co-founder's comments also come after the price collapse of Terra's LUNA token along with its sister stablecoin, UST. The LUNA and UST crisis has caused investors to lose billions of dollars. As a result, Terra founder Do Kwon is currently seeking police protection following a recent break-in at his home by a suspected LUNA investor. This is one of the scams Markus talks about, and one that puts people and their savings at risk.