The hype around dog-themed coins is yet to die down completely. Despite declining prices in both Dogecoin and Shiba Inu, the communities continue to remain very active in social media spaces. A recent development in meme coin communities has been to jump on any and all changes to drive awareness to whatever tokens they are supporting. Dogecoin co-founder Bill Markus has been the latest caught in this wave.
As has been reported, Shiba Inu has been one of the most talked-about crypto projects in social media spaces, bringing investors massive returns despite its lack of utility, completely driven by hype. Markus recently found himself in the crossfire after tweeting about this hype in the crypto community. This brought out the dog coin communities against the co-founder.
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Hype Will Eventually Die Out
Markus took to Twitter to share his thoughts around the hype that has been driving coins in the crypto space. He likened this to “get rich quick” schemes where people invest only to make quick gains in the shortest time frame. For Markus, there is no way that hype can have a lasting effect on the market. He called for there to be more utility to the projects so as to maintain their value long-term.
hype doesn't last, and it attracts get rich quick people who will bail once they get theirs and/or when a new hype appears.
if you want something to actually be worth more than what it is currently worth, add lasting value to it. hype adds nothing.
— Shibetoshi Nakamoto (@BillyM2k) November 4, 2021
SHIB price begins recovery trend | Source: SHIBUSD on TradingView.com
Speaking on the issue further, Markus explained that there are a lot of get-rich-quick people in the space and outlined how they can be spotted.
https://twitter.com/BillyM2k/status/1456322157491990529?s=20
This did not resonate well with the community who reiterated their support for their favorite meme coins. The consensus although did not completely go against the co-founder as others agreed with his take on this.
Clarifying Connection To Shiba Inu
Markus had been one-half the duo that created the first meme coin, Dogecoin. This has made him a prominent personality in the space. However, the similarities between Shiba Inu and Dogecoin have often led people to believe the co-founder is involved with the former. Markus took to Twitter to clarify his stance on the project.
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He explained that he actually had nothing to do with the SHIB token, explaining that he had been consistently contacted by supporters about the coin. According to him, he barely even has anything to do with the meme coin which he had created, although he remains an avid supporter of Dogecoin.
https://twitter.com/BillyM2k/status/1456442962456588316?s=20
As for his Twitter handle which has the word shib in it, Markus explained that it had nothing to do with Shiba Inu. In fact, he has had the name for years before SHIB had come along. “Doge is a Shiba Inu. I’ve had this name for 7.5 years before SHIB was a token,” said Markus.
Featured image from MarketWatch, chart from TradingView.com