Toxicity May Negatively Impact DOGE Brand, Says Co-Founder Billy Markus Urging Focus Shift From Speculations

It's been a rough couple of months for meme-based cryptocurrency Dogecoin that has failed to register any gains amid market fluctuations. Billy Markus, the co-founder of DOGE, is now warning the members of this meme-coin community against getting “crazy, toxic, attacky, spammy, and entitled” that could devalue the brand. The DOGE token has been reeling under market volatility since before the beginning of 2022. At the time of writing, each DOGE token was trading for around $0.15 (roughly Rs. 11) with a loss of up to 3.36 percent in the last 24 hours on international exchanges.

Markus, who goes by the name of Shibetoshi Nakamoto on Twitter, posted a thread of tweets, asking the DOGE community to “stay cool” and avoid speculations around the hype and price of the altcoin.

“Companies won't accept the coin,” the DOGE co-founder tweeted, along with listing other negative outcomes that he expects would hit the brand if the community does not stop indulging in negativity around the presently down-trending coin.

Dogecoin is an open source peer-to-peer cryptocurrency that was created as a joke in 2013. Its logo shows a smiling Shiba Inu dog that was once the face of several memes.

The DOGE coin ranks 10th on CoinMarketCap with a market valuation of $18,365,686,088 (roughly Rs. 1,37,475 crore). Currently, over 4.8 million wallet addresses hold the DOGE token.

Multi-billionaire tech mogul Elon Musk is an avid supporter of Dogecoin. He recently announced DOGE as a payment option for select merchandise of his high-end electric vehicle company Tesla.

“Bitcoin is not a good substitute for transactional currency. Even though it was created as a silly joke, Dogecoin is better suited for transactions. The total transaction flow that you do with Dogecoin, like transactions per day, is much higher potential than Bitcoin,” Musk recently said.

The altcoin is also on track for getting listed as a payment option by American movie halls chain AMC Theatres.

As of now, DOGE has a circulating supply of 132,670,764,300 coins with maximum supply number not decided as yet.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.