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Elon Musk Reacts to DOGE Founder Saying 95% of Cryptos Are Scams

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Markus is notorious for his outspoken and often snarky comments on Twitter, even though he is no longer actively engaged with the meme coin he helped establish.

He recently stated that Shiba Inu’s metaverse project (SHIB), DOGE’s main competitor, is a fraud. The software engineer has now broadened his critiques to include 95% of the whole crypto market.

“the reason why people think crypto is 95% scams and garbage and most crypto people are a*sh***s is because crypto is 95% scams and garbage and most crypto people are assholes

let’s change that. it starts with you – what you support, and how you behave.”

Too many projects are detrimental to the market

According to Markus, the way most crypto projects are formed and how most users get involved with this “crap” end up damaging the overall sector.

The DOGE founder’s latest contentious post comes on the heels of Terra’s ecology collapsing. Last week’s collapse of the Luna and UST tokens saw billions of dollars disappear from the market, resulting in financial losses for many users.

This occurrence has echoed worldwide, raising regulatory concerns, notably about stablecoins.

The DOGE team has some new products.

“also note that the only people who are gonna react triggered and lash out to this tweet are the scammers and assholes,” the engineer continued, anticipating a backlash to his views.

The post has received almost 1,900 reactions. Many users agree with this viewpoint, while others accuse Markus of hypocrisy. After all, despite being a meme coin, Dogecoin has a market capitalization of billions of dollars. In recent years, its popularity has prompted the creation of various meme cryptocurrencies.

In this regard, the engineer was always quick to point out that DOGE was designed as a joke about the current state of the cryptocurrency industry. According to Markus, the cryptocurrency industry features a lot of pointless projects.

And yet. The Dogecoin team has provided some notable industry firsts, such as the ability to conduct transactions with the cryptocurrency offline.

Elon Musk joins in the discussion

Elon Musk, who is largely credited for the rise of Dogecoin and, by extension, meme cryptocurrencies in general, responded to the DOGE founder’s tweet with an ambiguous laugh emoji.

This isn’t the first time Tesla’s CEO has interacted with the doge’s creator on social media. The billionaire told Markus last week that his invention ( The DOGE coin ) had the potential to become a global payment system.

DOGE was trading at $0.086 at publication, down 4.5 percent in the previous 24 hours.

Dogecoin Price
Dogecoin Price Chart

Despite this, according to CoinGecko, the asset is the tenth most valuable cryptocurrency by market capitalization, with $11.5 billion.

dogecoin marketcap
Dogecoin Market Cap

DOGE has been in a continuous downtrend since it made its all-time high of $ 0.74 in May last year. It was much touted to reach $ 1. But, since then, it has lost 88 % of its value and no sign of recovery in the near future.

dogecoin chart
DogeCoin Downtrend