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Dogecoin Co-Creator Is Done With Elon Musk

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Jackson Palmer, co-creator of Dogecoin, spoke candidly about his relationship with Elon Musk and the meme coin in general.

Palmer stated in an interview with Insider that he has become tired of constantly getting “dragged” into discussions about the currency he helped develop more than eight years ago. He used to consider Dogecoin to be a “hobby,” but now claims it has turned into a “nuisance”.

“It all kind of annoyed me because it was this thing that had my name tied to it. I don’t think people realize it, but I wish that when something happened with DOGE and Elon Musk and my Dogecoin co-founder Billy [Markus] I didn’t get dragged back into it,” Palmer said.

Palmer is not a fan of Elon Musk. But the tech billionaire and Billy Markus, the other Dogecoin founder, appear to share a good relationship.

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ackson Palmer, co-creator of Dogecoin,

Since 2021, Musk became one of the currency’s most ardent supporters, frequently driving up the price with a single tweet. He even disclosed intentions to send “Doge-1,” a crypto-themed satellite, to the moon this year.

When asked why did he choose DOGE, the business mogul said he wanted to be an ally to “those who are not so affluent,” and stated that he has previously collaborated with developers on digital currency.

Unconvinced with the response, Palmer stated he saw Musk’s interest in Dogecoin as a ploy to “grab onto communities” in order to “absorb them into his cult of personality.”

Dogecoin Creator Received A Lot Of Flake From Musk’s Fans

Palmer’s relationship with Musk became even tenser when he referred to Musk as a “grifter” and said that the Tesla CEO was incapable of running simple code, citing an incident from a number of years ago in which the billionaire supposedly couldn’t execute a Python script Palmer had provided him.

The billionaire hit back by saying that his kids wrote better code at the age of 12 and alleged Palmer “never wrote a single line of Dogecoin code.”

That was Palmer and Musk’s final exchange which according to the DOGE creator was a “sobering incident” as the latter’s supporters tore down on him.

“I’ve made a conscious effort since then to not talk about him because it’s not worth it. I can let them have their fantasies,” Palmer said.

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Here are Dogecoin co-founder and Elon Musk’s Halloween plans

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Dogecoin [DOGE], which was inspired by a meme, swept the cryptocurrency world. DOGE is an A-lister in the crypto-wood, generating interest among GenZ on TikTok and receiving celebrity endorsements. But the majority of these endorsements and shows of support appear at random and disappear too soon. Elon Musk, the CEO of Tesla, has emerged as the meme’s most ardent advocate despite the arrival and departure of these visitors.

Many tweets were posted in support of Dogecoin. Musk hasn’t missed a chance to support the dog-themed cryptocurrency. The explanation behind Musk’s predisposition toward the asset has time and again been questioned. Some claim he’s trying to artificially inflate the price of the coin, while others claim he was one of the founders. Elon Musk and the memecoin co-founder, however, once again create headlines together.

Billy Markus, the only dogecoin co-founder who is still friendly with Elon Musk, the greatest supporter of dogecoin, took to Twitter to slam YouTube cryptocurrency scammers who use the name of the Uniswap system to bilk unsuspecting small investors looking to make a quick buck on cryptocurrency.

Markus announced that he will dress up as billionaire Changpeng Zhao, the founder and CEO of Binance (commonly abbreviated as “CZ”).

Marcus made a subtle reference to the new technique con artists are using to entice unwary investors to a phoney website. Every tweet on cryptocurrency that they post includes a message from them asking why people aren’t talking about a video. They typically modify their Twitter display name to emulate Binance CZ. The goal is to encourage individuals to click on the video link in the hopes that they will be persuaded to invest in a scam or to give away their seed words.

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Source: Twitter

Elon Musk encouraged the DOGE founder by making a Halloween joke about dressing up as a sink to let this sink in when Markus recommended dressing up as CZ for Halloween.

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Source: Twitter

Elon Musk, the CEO of Tesla, and Markus occasionally complain about cryptocurrency scams on Twitter and YouTube. He recently complained about numerous bots pretending to be CZ. Recently, the CEO of Binance also said on Twitter that these bots are “simply everywhere” on the platform. The Twitter team was tasked with fixing this problem by Binance’s CEO.

Screenshot 167
Source: Twitter

Same Dogecoin, Different creator, Different opinion

While Musk shares a great rapport with Markus, there is a sea of people that feel otherwise bout the Tesla founder. Here’s another co-creator of the dog-themed-coin that joins the sea.

When Elon Musk and WallStreetBets’ ripoff Reddit group SatoshiBets sought to send the meme currency “to the moon” last year, Dogecoin co-creator Jackson Palmer said it disturbed him.

Palmer expressed his frustration at being “dragged” into discussions about the currency he helped establish more than eight years ago in an interview with local media. He used to consider Dogecoin to be a “hobby,” but now claims it has turned into a hassle.

With all seriousness aside, Can you truly imagine Billy Markus and Elon Musk in their potential Halloween costumes? That would truly be a sight to “sink in.”

Dogecoin goes to court with Musk, instead of the moon: $258B lawsuit

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When Dogecoin [DOGE] first appeared on the scene, it completely changed the game. Elon Musk, the CEO of Tesla, seized every chance to support DOGE. By adding support for the meme cryptocurrency asset on Tesla, SpaceX, and most lately, Loop, he increased his interest in it even more. So it was expected that there would be a lot of DOGE on Musk’s Twitter. But things did not turn out as planned.

A $258 billion lawsuit was initially brought against Elon Musk, his electric vehicle manufacturer Tesla, and his space exploration business SpaceX in mid-June. The defendants were operating a Dogecoin pyramid scam, according to the filing.

In addition, the lawsuit claimed that the defendants artificially raised Dogecoin’s price by more than 36,000% over the course of two years before allowing it to plummet. Despite knowing all along that the currency had no inherent worth and that its value “depended purely on marketing,” the defendants “profited tens of billions of dollars” as a result at the expense of other Dogecoin investors, the complaint claimed.

Keith Johnson, the petitioner, requested $172 billion in addition to $86 billion in damages for losses he incurred by trading DOGE starting in 2019. According to a story from the time, Johnson also defended a number of other investors who had lost money investing in Dogecoin through the case.

Dogecoin foundation and several others under the radar

Now that the litigation has grown, numerous additional parties have been added to the mix. Seven additional investor plaintiffs and six other defendants have been added, according to a recently filed amended lawsuit.

One new defendant was the non-profit organisation that oversees and supports Dogecoin, the Dogecoin Foundation, and the other was Musk’s tunnel construction company, Boring Co.

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Source: Twitter

Musk made no concessions after the complaint was submitted in June. In actuality, he had stated that he would keep supporting the memecoin.

Now, however, the updated complaint has incorporated this digression and his interview claim that the nearby factory workers had “asked him” for their help. Reuters reports,

“Shortly afterward, Musk, the world’s richest person, tweeted that he would “keep supporting Dogecoin,” and in an interview said “people that work around the factory at SpaceX or Tesla” asked him for that support, the amended complaint said.”

The $258 billion in damages is treble the expected fall in meme token’s market value from May 2021, according to Reuters, who also made this revelation. Notably, Elon Musk made an appearance on Saturday Night Live around that time, and the hype around that event drove Dogecoin’s price up to a level as high as $0.739.

Since then, the token has not been able to recover. At press time on Thursday, DOGE was trading at roughly $0.06, down by almost 0.77% over the last 24 hours.

Tensions Between Dogecoin Co-Creators Escalates

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Dogecoin’s co-creator Jackson Palmer shared a screenshot of being blocked by fellow founder Billy Markus on Twitter. In response to Palmer’s tweets, several others who had been similarly blocked by Markus shared their screenshots with one commenting “Must be to all non-coiners”.

While the latest move did not come as a shocker, many in the community were aware of the tensions brewing between the two, ever since Palmer became increasingly disillusioned with crypto.

However, the apple of discord seems to be Markus’ unflinching loyalty toward Tesla Billionaire Elon Musk in contrast to Palmer who is hypercritical of Musk.

The Australian programmer infamously called Musk a “grifter,” and “good at pretending he knows.”

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Tensions Between Dogecoin Co-Creators Escalates 7

Palmer recalled many years back he wrote a Python script that he claimed would automatically detect and report spam bots in a Twitter user’s mentions. He then said Musk allegedly approached him and asked for the script, but, according to Palmer:

“It became apparent very quickly that he didn’t understand coding as well as he made out. He asked, ‘How do I run this Python script?'”

The SpaceX CEO fired back by saying his children wrote better code than Palmer. Musk also called Palmer “a tool.”

Another reason for the fallout could have been Palmer’s strong anti-crypto stance. During an interview in May, the Dogecoin co-founder spoke harshly about the state of affairs within the crypto industry.

Dogecoin Co Creator’s Anti Crypto Podcast Could Have Dealt a Final Blow

Speaking with Crikey, an Australian e-magazine, Palmer said that he wishes “it was the end of crypto” and that “people are doing nothing but making money off doing nothing.” His appearance was meant to promote his new anti-crypto podcast Griftonomics.

The first episode of the podcast was meant to launch last year, but fearing a massive backlash, the co-creator of Dogecoin penned down his thoughts through a Twitter thread instead. One such thread referred to the crypto industry as a “get rich quick funnel designed to extract new money from the financially desperate and naive.”

Nothing has changed since then. Palmer still believes that the digital asset industry is like a Ponzi scheme designed to profit from ignorant investors continuously pumping funds into assets they have little or no knowledge of.

776 million Dogecoin on the move

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Several transactions that moved significant quantities of Dogecoin have been noted by @DogeWhaleAlert. For very small costs, a total of roughly 780 million coins were transported. The recipient that took everyone by surprise was the Binance exchange. A total of around 4 billion Dogecoins were moved earlier this week.

The aforementioned DOGE transaction tracker tweeted that six transfers totaling 776 million Dogecoins were discovered over the course of the previous 24 hours. These funds were moved in lump sums ranging in size from 70 million to 290 million DOGE. 72.3 million and 74.3 million meme coins were traded in the smallest sums. The largest portion moved 291 million.

A total of 291,143,830 DOGE worth $24,846,214 were sent from an anonymous wallet to the Binance exchange. Between two anonymous addresses, the sums of 122,586,585 and 108,369,665 were transferred. According to @DogeWhaleAlert, three transactions totaling almost 255 million Dogecoins were sent to several of the top 20 DOGE wallets. 291 million DOGE were sent to Binance for just 64.20 DOGE ($5.48) in fees.

On August 15, a total of 3,626,448,978 was transferred, as reported by @DogeWhaleAlert. The value of this chunk of Dogecoin is $258,900,035.

On June 1, Binance CZ stated that “proof of assets” had been added for BSC-based tokens like DOGE, XRP, and some others on his exchange. Then, more than 649,132 addresses possessed 1,400,000,000 DOGE wrapped on Binance Smart Chain (also known as BNB Chain).

The same source released information about the quantity of Dogecoins held in the wallets of prominent trading app Robinhood, led by Vlad Tenev, before to the tweets stated above.

On behalf of its investors, Robinhood currently possesses 39,788,383,719 DOGE, according to this data. This quantity of cryptocurrency, which makes up 29.99% of the meme coin’s available supply, is valued at $3,377,516,529.

Elon musk backs Dogecoin

TWJ stated earlier this week that Shiba Inu, the second-largest cryptocurrency, had more Twitter followers than Dogecoin. Currently, SHIB has 3.44 million subscribers compared to the OG meme coin account’s 3.43 million.

Shiba Inu is currently in 12th place on CoinMarketCap, while DOGE is still in the first place by market capitalization value. In addition, unlike Shiba Inu, Elon Musk, a.k.a. “Tony Stark” on Twitter recently, is Dogecoin’s biggest and most prominent backer.

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To refresh your memory, Tesla just added DOGE as a method of payment for merchandise in its online store. Musk just declared in a tweet that he will continue to promote and purchase Dogecoin.

Shiba Inu takes lead over Dogecoin as its Twitter followers increase

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In the first part of 2021, Dogecoin was quite popular, but in the second half of the year, Shiba Inu overtook it as the most popular meme token. The euphoria surrounding Dogecoin faded when its price remained unchanged for months, and SHIB, in contrast, performed better in the indices. Shiba Inu’s fame thus increased dramatically, attracting more new investors to the market.

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Source: Twitter

After a year has passed, Shiba Inu has surpassed Dogecoin in terms of Twitter followers. Dogecoin had a steadfast 3.1 million Twitter followers, but the Dogecoin-killer outperformed Doge in terms of ownership. SHIB now has 3,441,762 followers compared to Dogecoin’s 3,439,746. Dogecoin presently has 2,220 fewer Twitter followers than SHIB.

SHIB token joined Twitter in February 2021, whereas Dogecoin joined the social media network in December 2013.

By avoiding all Doge stood for, SHIB held true to its slogan of becoming the “Dogecoin killer.” SHIB temporarily surpassed Doge’s market cap and removed it off the top 10 cryptos list last year. However, Doge restored its position and is now the tenth-largest cryptocurrency, while SHIB is ranked twelve.

Endeavors of Shiba Inu

Numerous establishments all over the world accept Doge and SHIB as valid forms of payment. AMC Theatres revealed last month that they now accept both cryptocurrencies for online ticket purchases.

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Source: Twitter

Furthermore, the utility of Shiba Inu [SHIB] has advanced significantly during the past few months. However, in terms of price, it has remained largely stable or declining. The network’s changes, the frequent burns, and the significant whale movements did not appear to have an impact on the price. SHIB, however, had a significant increase over the weekend.

Shiba Inu was able to soar to a 90-day high on Sunday of $0.00001774. Many were startled by this because the majority of the competing cryptocurrencies in the market were sinking in the bloody sea. Santiment continued by pointing out that the rapid increase in whale transactions may have contributed to the 30 percent increase in SHIB.

At the time of press, SHIB was priced at $0.00001574 and had plunged by 2.27%.

Dogecoin Team Warns Of A New Sham Tech Support Account

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Dogecoin’s official Twitter handle has warned users of fraudsters stealing personal details by impersonating tech support service providers of the meme coin.

These scammers pretend to connect with those having “difficulties, complaints, or issues” and trick victims into creating a fraudulent wallet that asks them to enter their seed phrase.

The Dogecoin account stated that it would never ask users to set up a Trust wallet or their seed phrases or account information.

The scam account existed much before Dogecoin was launched. Since gaining massive popularity in 2021, there’s been a steady stream of Dogecoin knock-offs that ended up being worthless scams.

Previously reported by TronWeekly, the latest of the coin’s long-list of infamous impersonators, Teddy Doge turned out to be a rug pull, blockchain security firm PeckShield uncovered.

In another recent report, the DOGE community unearthed a new scam after spotting a large number of suspicious transactions on the memecoin’s network.

Dogecoin Supporters Dig Up A New Scam

A discovery made by one Dogecoin fan revealed that the mysterious transactions were automated and very small. The said fan shared a list of the many addresses involved in the transactions.

“A large number of small transactions worth 0.0207 Doge were executed on a daily basis supposedly to hide the true nature of the business and the movement of money.”

Notably, the reported scam was devised and marketed as an investment opportunity for Dogecoin holders. But what caught the eyes of the sharp-sighted crypto fans was the unusually high-interest rates offered as a return on investment that helped exposed the scheme.

Not only that, the DOGE advocates even uncovered the culprit behind the scam which goes by the name of Huilo Invest. Supposedly the firm claimed to be of London, UK, origin but relentless online sleuths have connected the dots and found out that it’s actually based in China.

A more detailed inspection of its operations showed that at one point, Huilo Invest had accumulated funds worth nearly $600k – likely robbed from unsuspecting crypto holders with a false promise of offering between 7% and 10% return on investment within a day.

Dogecoin’s Active Addresses Explodes By 260% Despite Price Slump

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Dogecoin’s daily number of unique addresses has skyrocketed to more than 260%, data from crypto analyst Ali Martinez suggests. In just two months, the Active Address in the DOGE network has jumped from around 14,470 to over 38,430.

On the other hand, the price has slipped roughly 15% from $0.082 to $0.068 over the same time period in tandem with the broader market downturn.

Terming the surge on the network as a “Positive Sign” Martinez hoped that the growth would soon be reflected in DOGE price.”

Recently. the developers of the world’s most admired meme-inspired cryptocurrency released its Core 1.14.6 upgrade, which included security updates and changes to its network efficiency modifying the dust limit for all network participants from 1 DOGE to 0.01 DOGE.

The dust limit determines the minimum amount of currency that can be used in a transaction for it to be processed on the blockchain.

While the meme-inspired cryptocurrency’s price remains relatively muted, its adoption has been growing steadily.

In early July, Elon Musk’s Boring Company announced that it has accepted Dogecoin payments for underground rides in Las Vegas, immediately after the world’s richest person reiterated that he would keep extending his support to the canine token.

Also, Musk’s electric car maker Tesla has integrated DOGE payments for merchandise on its website.

Created in 2013 as a joke, the token’s community has been known for taking on philanthropic projects, which included helping charitable organizations. 

Dogecoin Scores Several Entries

Search interest for the meme-inspired cryptocurrency exploded during the crypto market’s massive 10,000% price rally, going from an average of 135,000 monthly searches in April 2020 to 16.5 million in April 2021.

Additionally, the growing interest across search engines was partly contributed by Musk who subtly started tweeting about the cryptocurrency. Most importantly, its adoption rate too increased steadily.

On 29th July, leading payment network Mercuryo added support for Dogecoin to conduct fast and efficient cross-border payments.  

The world’s largest cryptocurrency exchange by trading volume, Binance, has too included the meme coin in its four new liquidity pools. The is to broaden the number of trading pits available to users interested in the liquidity pool.

Shiba Inu, DOGE Arrives In Switzerland’s 116-Year-Old Travel Firm 

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Shiba Inu has gained entry into one of the oldest Swiss business travel entities, thanks to a partnership between Kuoni and digital payment services provider BitPay. This would now facilitate Kuoni customers to pay for services using cryptocurrencies.

Apart from SHIB and DOGE, other cryptocurrencies that are currently available for payment through BitPay are Bitcoin [BTC] Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], and Wrapped Bitcoin [WBTC].

Speaking on the latest collaboration, the CEO of the tour operator said that by adopting crypto as a means of payment, Kuoni is positioning itself as a leading player among its competitors.

Founded in 1906 by the entrepreneur Alfred Kuoni in Zurich, Kuoni Business Travel has carved a niche in the field of business trips for men and women alike for more than a century, growing to be the biggest travel company in Switzerland.

In 2014, the travel agency was selected as one of the Sunday Times’ 100 Best Companies to Work For in the mid-sized category, while a new website for the company was launched that year.

Coming back to Shiba Inu, the world’s second most popular meme coin has been accepted by a major Dutch VIP travel firm, this year.

Shiba Inu Adoption Spikes

Netherlands-based Taylor Travel Management Group has extended support to include SHIB, as well as DOGE, Bitcoin, Ethereum, Bitcoin Cash, and several popular USD-backed stablecoins via BitPay.

The company has more than loyal 1,200 customers and has worked in over 100 cities.BitPay officially added support for Shiba Inu in December last year.

That being said, the recent crisis has failed to dampen the Swiss blockchain industry as a whole.

“It’s just one of the characteristics of the crypto markets that we have these crashes. This was no big surprise,” said Andy Flury, founder of the trading technology firm AlgoTrader, based in Zurich.

In fact, the Switzerland blockchain industry has expanded to more than 1,000 firms supporting 6,000 jobs.

As per a report, “The self-styled ‘Crypto Nation’ has yet to see job cuts on the level of the US-based Coinbase exchange, crypto lending firms Celcius, Voyager Digital, and Blockfi, or the Singapore-based digital asset lending outfit Vault.”

This Dogecoin Imitator Turned Out To Be “Soft Rug Pull”

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One of Dogecoin’s most infamous impersonators, Teddy Doge has been accused of Rug Pull by blockchain security firm PeckShield.

The project’s token TEDDY has plummeted to near zero as the scammer transferred roughly 10k BNB tokens [$2.6 million] and $2 million Binance USD stablecoins via the Binance exchange.

According to the leading security researchers, the project is a “Soft Rug Pull.” In the following thread, PeckShield said the scammer deployed the contract and transferred a large quantity of Teddy to an address before pumping and dumping the token.

In a soft rug pull, rather than dumping all tokens at once, founders only dump their tokens whilst pretending that they are still invested in and are supporting the project.

These kinds of rug pulls are often easy to pull off and difficult to detect, making them more insidious.

According to its official website, Teddy Doge claims to be a multifunctional swap that integrates exchange, transaction, wallet, farm, and chart. The swap called TeddySwap is a blockchain-based automated market-making [AMM] decentralized exchange [DEX].

That said, PeckShield also warned that the Dogecoin knock-off might be linked to Half Pizza [PIZA] which is also rumored to be a scam project.

Half Pizza is a Binance Smart Chain platform that describes itself as a decentralized rewarding autonomous community [DRAC].

This is not the first time copycats of the world’s most popular meme coin have ended up being frauds. Previously, another dogecoin offshoot was found to be running a Honeypot racket.

Another Dogecoin Impersonator Rug-Pulled

As uncovered by PeckShield, developers of DogeMother rug pulled after promising users of guaranteed rewards for purchasing the token.

Honeypot scams typically trick users into buying a certain cryptocurrency with grandiose promises only to prevent them from selling.

As the name suggests, their withdrawals get stuck in a contract since only whitelisted users are allowed to withdraw their funds. Most of such tokens usually appear on the BNB Smart Chain, which allows easy creation of new tokens because of cheap fees and a majority of these have turned out to be scam coins.

Despite the meme coin frenzy having fizzled out, scammers are still looking to capitalize on it by luring new investors with dubious tokens.