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

Billy Markus has urged the DOGE community members to “stay cool”.

By Radhika Parashar | Updated: 3 February 2022 13:39 IST

Photo Credit: Unsplash/ Olieman.eth

Dogecoin was created as a joke in 2013 and its mascot is a Shiba Inu dog

Highlights

DOGE under pressure due to crypto market fluctuations
Dogecoin presently trading at $0.15 (roughly Rs. 11)
DOGE co-founder Billy Markus urges community to remain positive

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.

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if community behavior keeps devaluing the brand, the following happens:

- companies won't accept the coin
- no new people will be interested in participating
- existing community members will want to escape the toxicity

it's important to match your output with your goals
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022

keep trying to be positive, kind, and fun, despite everything there is out there pic.twitter.com/pBcBWky7cn
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022

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.

Hey, congrats @elonmusk on being @TIME 's Person of the Year and for dropping some straight fax about #dogecoin - much, much wow! https://t.co/PvQW0xOdfb
— Dogecoin (@dogecoin) December 14, 2021

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.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: Dogecoin, DOGE, Cryptocurrency, Billy Markus, Elon Musk, Bitcoin

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More