The creation of the DOGE meme coin was done as a joke in response to the emergence of Bitcoin to indicate that digital currency was a joke at that time and not for transactions, but it has turned out to be more than just that.
Following the success of Dogecoin and its rival, Shiba Inu, in the cryptocurrency industry, many developers are looking to create their versions of meme coins to cash out following the success of Dogecoin.
The move, however, did not go down well with the co-founder of Dogecoin, Billy Markus, who criticizes the push by the current generation of developers who are looking to get rich in no time through the creation of meme coins. Markus believes that those new developers are just after the dough with no substance to show for their creativity.
Markus’s outrage was caused by the actions of some new developers who spammed his Twitter page with ads for new meme tokens. Still, their actions convinced Markus that the developers’ motive for creating the new tokens was to make quick money, and it is quite different from what Dogecoin’s motive was initially.
According to Markus, they use spam advertising to make absurd promises, impersonating and lying about influential people’s involvement in their fraudulent project. They are desperately trying to get the attention of even Elon Musk to promote them.
Markus also remarked on the creation of Dogecoin, saying that the meme coin was created about 8 years ago as a satire to poke fun at other coins. He also added that the so-called meme coins are not a meme but an invention by people trying to get rich. Things are indeed different.
The co-founder’s tweet seems to have garnered many comments, with the majority of his followers agreeing with him and stating that creating coins, not just meme coins, is a growing trend in the industry.
Not All Coins Are Meme Tokens
At the core of its creation, Dogecoin is a joke, and the newly created meme coins should at least have some semblance of satire before they can be taken as something serious.
The current generation of developers seems to create enormous digital meme-theme tokens and use similar promotional tweets as Musk for advertising their creations. The move has made many suggest that the newbies are trying desperately hard to get a slice of the pie that the largest meme token is currently enjoying.
Developing meme cryptocurrency has become an ambitious move, as seen with the Floki Inu launch, where train substations are flooded with publicity to market the new digital currency.
The digital currency ecosystem may have evolved to the point where it is now a utility used in transactions and other forms of trading. The industry is there for everyone to participate in and make what they want.
However, Markus‘s concern is with the manner of the approach employed by the new developers in trying to market their newly created assets.