The frenzy over dog-themed coins has not yet subsided entirely. Despite the fact that both Dogecoin and Shiba Inu have seen price declines, the communities have remained quite active on social media. A recent trend in meme coin groups has been to use every opportunity to increase exposure for the tokens they support. Bill Markus, the co-founder of Dogecoin, is the latest victim of this tsunami.
As previously reported, Shiba Inu has been one of the most discussed cryptocurrency projects on social media, generating large profits despite its lack of value and being entirely driven by hype. Markus recently came under criticism for tweeting about the crypto community’s enthusiasm. This enraged the dog coin community, who turned against the co-founder.
Markus came to Twitter to discuss the buzz around currencies in the cryptocurrency industry. He compared this to “get rich fast” scams in which investors invest only for the purpose of making a rapid profit in the shortest amount of time. Markus believes that hype has little chance of having a lasting influence on the market. He argued that initiatives should have a higher utility to ensure their long-term viability.
Further, on the subject, Markus said that there are several get-rich-quick schemes operating in the field and highlighted how they might be identified.
This did not sit well with the community, who expressed their continued support for their preferred meme currencies. The consensus, however, did not entirely contradict the co-founder, since others agreed with his assessment.
Clarifying the Shiba Inu Connection Markus was one-half of the pair who founded Dogecoin, the first meme currency. As a result, he has established himself as a notable figure in the field. The similarities between Shiba Inu and Dogecoin, on the other hand, have often caused people to assume the co-founder is associated with the former. Markus clarified his position on the project through Twitter.
He added that he had been approached often by fans over the SHIB token. According to him, he has nothing to do with the meme currency he developed, despite his continued support for Dogecoin.
Markus clarified that his Twitter username, which contains the term shib, has nothing to do with Shiba Inu. Indeed, he held the moniker for years before to the arrival of SHIB. “Doge is a Shiba Inu, a Shiba Inu is a Shiba Inu is a Shi I’ve held this name for 7.5 years prior to SHIB being a token,” Markus said.
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