Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
Billy Markus – co-founder of Dogecoin – isn’t amused with the influx of “memecoins” entering the crypto market these days. He recently called out their creators as promoting scams and get-rich-quick schemes, rather than actual jokes or memes. By contrast, he maintains that Dogecoin was actually created as a joke.
The Joke Has Run Its Course
In a tweet posted on Wednesday, Markus drew a clear distinction between real jokes in the cryptocurrency space, versus cheap marketing schemes.
“Satire as some mildly clever elements to it,” said the creator, “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.”
The comment was followed by a picture of a digital book cover, titled “You No Longer Make Me Laugh”.
To be clear, Markus is nowhere near as hostile towards crypto as his fellow co-creator Jackson Palmer. The latter has completely distanced himself from the community, blasting digital assets for amplifying the worst aspects of capitalism, and deeming the industry centralized under a cartel of wealthy figures.
Markus is no longer involved with Dogecoin’s development but has remained a casual observer and beloved member of the community. He appreciates the good that Dogecoin and its community have done, but wishes not to be viewed as a figurehead of any sort.
That said, Markus speaks completely unreservedly when discussing all aspects of the crypto community – including its bad sides. In his view, memecoins today are not made in the same spirit that he’d created Dogecoin 8 years ago. Whereas Doge was deliberately designed as a satirical parody of other “idiotic coins”, he says current “meme” coins aren’t even memes.
“They’re made by people trying to get rich off of other people trying to get rich,” he followed. “To each their own, but it is indeed a different thing.”
Observing Current Memecoins
Though he doesn’t name names, Shiba Inu is quick to come to mind regarding alternative memecoins. The coin was created in 2020 as a spinoff of Dogecoin (nicknamed the “Dogecoin killer”), and its popularity soared the following year. It ended up becoming the most popular crypto of the year on CoinMarketCap, with its value even briefly surpassing Dogecoin. Today, however, Dogecoin remains king of the memecoins.
As Markus describes, Shiba Inu is highly concentrated in the hands of a few megalithic whales that have profited tremendously from its speculative gains. The Shiba Inu Twitter account has also begged for Elon Musk’s attention on numerous occasions, who is a loud enthusiast of Dogecoin.
Other memecoins aren’t necessarily based on “Doge,” however. Others are spur-of-the-moment creations seeking popularity by clinging to a rising fad or trend. For example, Squid Game Token launched in October, and proved a highly successful rug-pull after riding the popularity of the highly popular Netflix series.
Palmer sold all of his Dogecoin long ago, while Markus purports to hold a relatively modest $40,000 worth of the cryptocurrency.