The co-founder of the most valuable jokes of all time has launched a scathing attack on cryptocurrency.
In a recent X post, Billy Markus, who alongside his Aussie colleague Jackson Palmer created the dog-themed meme token Dogecoin (DOGE) in 2013 as a joke to poke fun at the rampant speculation in crypto markets at the time, called the cryptoverse a rigged casino full of dumb people.
Dogecoin’s Billy Markus Takes Aim At Crypto
Billy Markus, popularly known in the crypto circles as Shibetoshi Nakamoto, has taken a swipe at the crypto ecosystem.
It all started when one of the most prolific NFT collectors and creators, Nate Alex, recently shared harsh criticism of the current state of the crypto market. In his X post, Alex posited that crypto presently “feels like a rigged casino,” adding that the key focus is onboarding clueless retail investors so that insiders can dump scam cryptocurrencies on them.
Dogecoin’s creator Markus concurred with Alex, describing the cryptosphere as a place where most people pretend to be smarter than they really are.
Nonetheless, the Nate is still heavily invested in the crypto market despite his critical remarks. He noted that 98% of his liquid capital is tied up in crypto and believes the market trend will continue to increase, at least for the rest of the year.
Is The Crypto Market Rigged?
These kinds of statements about the crypto market being one big casino where the people in charge always win often get people riled up.
However, in recent months, the crypto industry has witnessed a major reshuffling toward joke projects, with new meme coins such as Pepe (PEPE), BONK, and Dogwifhat (WIF) garnering traders’ attention, which has essentially paved the way for a meme cryptocurrency frenzy. Most of these coins have little utility and are often cited a proof the crypto market is rigged against the unaware crpto enthusisats.
For instance, the new Iggy Azalea memecoin, Mother Iggy (MOTHER), was reported to have “huge insider activity,” with one insider selling roughly 10% of the coin’s shortly after acquiring them in an over-the-counter deal. Caitlyn Jenner, rappers Soulja Boy and Rich The Kid, and adult-content models Kazumi and Ivana Knöll have also launched tokens recently, which have netted early buyers, in some cases, quick eight-figure profits.
Amid the froth, fundamental and older crypto ventures are attracting less attention, and their values during this cycle have not seen face-melting rallies. Even OG meme crypto DOGE has not enjoyed a massive upsurge of interest and subsequent growth in price, as all attention has shifted from it to the slew of newer meme coins.
Those looking to get rich overnight sure do feel like the crypto market is a casino where the house always wins. However, the crypto market always works for patient investors with a long enough time horizon, ignoring meaningless short-term performance figures.
