Dogecoin Co-Founder Blows Up Crypto, Claims ‘Billionaires Manipulate Markets’ Here’s Why He Left The Memecoin Joke Years Ago

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Although he has remained silent for much of the meteoric rise of dogecoins over the past year, token co-founder Jackson Palmer has broken his silence to speak out against cryptocurrencies during a storm of tweets on Wednesday afternoon, offering a rare glimpse into his long and burdensome history with the nascent space that has grown almost 300 times since he abandoned it years ago.

In a rare return to Twitter, one of dogecoin’s two co-founders claimed that the crypto market was … [+] controlled by a “powerful cartel of wealthy personalities”.

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Palmer, of Australian descent, one of the two software engineers who created the massively popular token as a joke in 2013, began his review of 10 tweets by saying that after years of studying cryptocurrencies, he never considered returning to space because he believes it is “inherently right-wing hyper-capitalist technology.”

Palmer lamented the resurgence of the crypto market over the past year, saying it is “controlled by a powerful cartel of wealthy personalities,” and appeared to lash out at the Tesla Chair and the self-proclaimed “Dogefather” Elon Musk, claiming that retail investors have been sold a “false promise to one day be another billionaire.”

Now director of product management at Adobe, according to his LinkedIn profile, Palmer has mostly remained silent online and in the media since early 2015, when he quit working on dogecoin and announced on Twitter an “extended leave” from the cryptocurrency space. , calling it “toxic and downright stagnant”.

However, it has also appeared sporadically online, especially during times of heightened market mania: When dogecoin’s market cap first exceeded $ 1 billion in 2018, Palmer called the excitement over the potential. “disturbing” cryptocurrency investment in the now deleted tweets.

Palmer said he gave up what could have been a dogecoin fortune when he left in 2014, saying he “didn’t walk away with money” in an interview in 2018.

More recently, he reportedly referred to Musk as a “self-centered con artist” after Tesla decided to stop accepting bitcoin as a payment method in May, sparking a sell-off from which the cryptocurrency market has yet to recover. .

Key context

Palmer and Billy Markus created dogecoin in December 2013 to poke fun at the hugely popular Doge meme (of a Shiba Inu dog) and the growing hype around the nascent crypto market (bitcoin itself didn’t even have five. years). It’s always been like a hobby project, like a side project, Palmer said in 2018. Markus has fully embraced the dogecoin meme even though he also left the project in 2015. Markus, who now maintains an active Twitter account with more than 400,000 subscribers. , says he sold and donated all of his dogecoin holdings at the time, but has since bought more. I bought dogecoin after eight years of vowing never to buy crypto again an hour ago, he tweeted in June.

Crucial quote

“These days, even the most modest criticism of cryptocurrency will draw denigration from powerful industry leaders and the wrath of retail investors to whom they have sold the false promise of one day being another billionaire,” he said. Palmer tweeted Wednesday. “A good faith debate is almost impossible.”

Surprising fact

Although at one point it climbed nearly 1,500% this year, the price of dogecoin slumped almost 75% from an all-time high on May 8, the night of Musk Saturday debut. Night Live. At its peak, the cryptocurrency accumulated a market cap of over $ 93 billion.

Further reading

The man who dodged the Dogecoin (Decrypt)

Dogecoin Suddenly Crashes After Major Investor Backs Radical New Crypto Sending Its Price 1000% Higher (Forbes)

“Release The Doge! Elon Musk Gives Dogecoin Price Boost As Bitcoin and Ethereum Lead Crypto Market Lower (Forbes)

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