Dogecoin Founder Criticizes Memecoin Creators as Get-Rich-Quick Schemes Proliferates

Billy Markus, the iconic founder of the Dogecoin (DOGE) meme coin, has lashed out on his Twitter handle as he called out a new generation of developers looking to get rich quick through meme coin creations.

The origin of the lashing out was centred on the attempts by unknown followers flooding his page with adverts of memecoins whom Markus, popularly known as Twitter as Shibetoshi Nakamoto, says the host of tokens being paraded are not memecoins as their motives are clearly different from that of Dogecoin in its early days.

“Spam advertising, lying about who is involved in a project, making up ridiculous promises, desperately trying to get Elon’s attention to promote you, etc. are not clever or amusing,” he said in the tweet, adding;

“Remember Dogecoin was made 8 years ago. As Satire making fun of the idiotic coins, irony. Satire, current “meme” coins aren’t even memes. they’re made by people trying to get rich off of other people trying to get rich. to each their own, but it is indeed a different thing.”

Markus’ complaints reverberated with some of his 1.1 million followers, with comments that suggested the meme coin “invasion” is invariably a growing trend in the digital currency ecosystem.

Memecoins are generally established as a joke-at least, that was what Dogecoin was known for in the early days. However, the tendencies for these digital assets to print enormous growth rates, especially with promotional tweets from Elon Musk, have made many think the launch of related memecoins can be an avenue to cut out of the crypto pie. Memecoins are now very ambitious, with projects like Floki Inu storming the streets of London and the transport system in a bid to generate some publicity.

While the digital currency ecosystem is evolving quickly, emphasising utility beyond memes, Billy Markus pleaded that at least ambitious developers should stay out of his Twitter threads for selfish gains.

Image source: Shutterstock