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Dogecoin, the popular crypto asset known for having powerful supporters including Elon Musk and Mark Cuban, has plummeted immensely with co-founder, Jackson Palmer, attacking the crypto industry.
On the FTX Exchange, Dogecoin traded below $0.20 with a daily trading volume of over $1 billion. The meme coin is however up by 0.70% for the day with a market valuation of about $25 billion.
Market sentiment further weakened in the altcoin market, with Jackson Palmer the meme coin founder reeling out his opinion about the crypto industry being a scam and always has been.
READ: Dogecoin loses its sparkle over Elon’s Musk silence and Thailand’s clampdown on Meme coins
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“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity,” Palmer said via Twitter on Wednesday.
The software engineer further buttressed a large part of the crypto community was controlled by a powerful cartel of wealthy entities who are turning the crypto market decentralized capability into a system that largely benefits the rich.
READ: World’s second richest, Elon Musk loses $4.14 billion in a day, now worth $183 billion
Recall the Australian, about four years ago disclosed he was taking an “extended leave of absence” from the “toxic” world of the digital market while making no profit from his involvement with the meme coin.
Price patterns reveal the eighth most valuable crypto by market value has lost over 70% from its May 9 all-time high of $0.73 as it traded around $0.19. Dogecoin currently has over 130.4 billion coins in circulation.
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Bitter much?
Founder trashed the coin since day 1 it still mooned. The cofounders comments are moot.
Why would people but a meme coin when its own founder is talking bs about it.
This clearly shows the trend downplay to shake off ordinary investors, so that only the billionaires make money.
I am still studying crypto currencies… I just need to see and I derstand more to enable me understand what Crypto truly stands for and the future beneath
Crypto is an alternative to gambling. Majority of Crypto players are aware of dz.
Sounds like someone is just butt hurt about doge taking off after he gave all of his away
Isn’t that the whole point of crypto currency? Having freedom to trade without regulation, restriction, or tax, and to build wealth for everyone?
What’s with all this hate? This idiot and the other Motley Fool always got some sort of vendetta against Dogecoin. If you don’t like it just don’t talk about it. The guy who made it didn’t even invest in it so does it even matter?
What’s with all this hate? This idiot and the other Motley Fool always got some sort of vendetta against Dogecoin. If you don’t like it just don’t talk about it. The guy who made it didn’t even invest in it so does it even matter? I guess I will say it again.
This clown wants to keep his mouth shut, as all the ordinary traders who invested in this coin are now set to lose money. Yeh its easy to say they have been sucked in and tough. But this clown and the other clowns like musk etc need to take their heads for a wobble
How can I pusche Dogecoin
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