Dogecoin Co-Founder Asks His Followers To “Stay Calm” Amid Crypto Crash

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Billy Markus, the co-founder of the meme cryptocurrency Dogecoin, has called on followers to “keep calm” amid the cryptocurrency failing to gain significant traction since January 2022. In a tweet, Markus warned members of the meme coin community not to go “crazy”. , toxic, offensive, spam”, and said that could devalue the brand.

He stated that eventually, businesses will stop accepting Dogecoin and cryptocurrencies will stop attracting new people, adding that existing Dogecoin investors will leave to escape the negative environment. “It’s important to match your production with our goals,” he said. “Keep trying to be positive and kind and funny, despite everything out there.”

Dogecoin has been crashing since before the beginning of 2022. According to CoinMarket’s hard cap, Dogecoin was trading at around $0.15 (Rs 11) posting a loss of up to 3.36 percent in the last 24 hours. For the uninitiated, Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a faster but “fun” alternative to Bitcoin.

It began as a satire on the many fraudulent cryptocurrencies that had sprung up at the time, and takes its name and logo from a Shiba Inu meme that went viral several years ago.

Earlier this week, Musk tweeted will happily eat McDonald’s Happy Meal if the fast food company starts accepting Dogecoin as payment. In response, McDonald’s posted on Twitter that it will accept Dogecoin if Tesla started taking “Grimace Coin.” This is not a real cryptocurrency, but a made up name based on Grimace, a character who appeared in McDonald’s commercials.

In addition, Musk also announced that Tesla will accept Dogecoin for merchandise as a test. “Tesla will make some products purchasable with Doge and we’ll see how that goes,” he said in a tweet. Tesla sells products such as clothing, belt buckles, mini-models of its vehicles, children’s ‘Cyberquad’ ATVs and ‘Cyberwhistle’ inspired by its highly anticipated Cybertruck.

In a recent interview with Time magazine, the head of Tesla and SpaceX said that when it comes to transactions per day, Dogecoin is a much better crypto currency. “Bitcoin’s transaction value is low and the cost per transaction is high. At least spatially, it is suitable as a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency,” he said, adding that although Dogecoin was created as a silly joke, it is better suited for transactions.

“The total flow of transactions that you do with Dogecoin is that transactions per day have much higher potential than Bitcoin,” he said.

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