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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.

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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.

Major Bitcoin holding dumped by Tesla

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Leading EV maker Tesla said during its results teleconference on Wednesday that it had converted 75% of its Bitcoin assets into cash.

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Source: Twitter

According to its Q2 report, Tesla possessed only about $218 million in cryptocurrencies at the conclusion of the second quarter.

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Source: tesla.com

In February 2021, the well-known e-car manufacturer said that it had bought $1.5 billion worth of Bitcoin, driving the price of the leading cryptocurrency to all-time highs. Shortly after, it made a tiny sale to test the marketability of Bitcoin.

The Elon Musk-run business ceased taking BTC as a form of payment in May 2021 because of ethical considerations.

At the end of 2021, Tesla stated that it has approximately $1.99 billion worth of BTC in its possession.

Third largest whale dumping Bitcoin too?

Recent rumors claim that the third-largest Bitcoin whale has begun selling his HODL holdings. In retrospect, members of the community have begun attesting that BTC would probably respond to the same and go below $10k.

The negative prognosticator “CryptoWhale,” which has a good track record of success, stated that the current stage for whales is “exit liquidity.” According to BitInfoCharts’ on-chain data, the whale discharged almost 15500 BTC on July 19. CryptoWhale claimed back then,

“I expect much more to be sold off very soon.“

As expected, the selling frenzy continued. The whale’s balance fell from 112,382.42 BTCs, valued at $2,643,251,736 in a sequence of transactions on Wednesday and Thursday, to 0.00999896 BTC, only worth $230.

CEO of on-chain data analytics startup CryptoQuant Ki Young Ju stated on Twitter that the transaction(s) are “simply internal” and suggested that the wallet may be either a cold or custodial wallet controlled by Gemini. He also claimed,

“What’s obvious is that it’s not a user deposit to exchange hot wallets for selling $BTC. Not at all.“

Similar mislabeling had happened before and caused market players to harbor misinformation. The misidentification of one exchange wallet as another’s by on-chain data providers was noted by CryptoQuant last year.

However, the world’s largest cryptocurrency currently trades at $22,690.09 with a daily plunge of 0.40%.

‘Dogecoin CEO’ Elon Musk Bows Out of Twitter’s $44B Deal

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Dogecoin proponent Elon Musk has reportedly decided to terminate his agreement to purchase the social media giant according to a new filing with the Securities and Exchange Commission [SEC].

The tech billionaire was apparently frustrated over Twitter’s refusal to disclose complete data on spam bots and fake accounts, as negotiations dragged on.

Back in April, Musk initially offered to buy Twitter, prompting the company’s board of directors to adopt a “poison pill” plan in a last-minute attempt to block the deal. The move generated quite an uproar.

Following the backlash, the social media platform made a completed u-turn by agreeing to the $44 billion buyouts, which Musk called his “best and final” offer.

But midway through, the tech mogul became increasingly dissatisfied with Twitter’s lack of response and even announced that the deal can not go ahead unless the platform fully disclosed the requested data.

Twitter on its part went ahead by unanimously recommending that shareholders vote in favor of the deal and began laying off employees in the preparation for the merger.

Things hit rock bottom when Musk accused Twitter of breaching the contract and expressed displeasure over the latter’s unwillingness to divulge the actual number of fake accounts on the platform.

As news of Musk’s official withdrawal broke out, Twitter responded that it would take legal course to enforce the deal at the agreed price and terms. Confirming the same, chairman Bret Taylor wrote,

The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery.

As of now, Elon Musk has not responded to the deal termination.

Dogecoin Saw No Major Price Uptick

The latest announcement did not have any significant impact on the coin’s price action except for a marginal dip of 3%. At press time, Dogecoin was trading at $0.06, a 1% rise in the last 24 hours.

Recently, Elon Musk’s The Boring Company [TBC] transportation system in Las Vegas accepted Dogecoin for its rides, TronWeekly reported. Musk replied to the tweet saying, “Supporting Doge wherever feasible.”

Prior to that, DOGE along with its rival Shiba Inu was enabled by BitPay’s payment module where users can pay for their food deliveries from Uber Eats and DoorDash.

Dogecoin Now Accepted for Payment at Loop Rides by Elon’s Boring Company

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Customers are now able to use Dogecoin to pay for rides on Elon Musk’s The Boring Company (TBC) transportation system in Las Vegas (DOGE)

According to a story published on Wednesday by CNN, BitPay’s new payment option first appeared on July 1, one day after the debut of the company’s new Loop station at the Las Vegas Convention Center.

Although the creator of The Boring Company, Elon Musk, did not formally acknowledge the new payment option, he appeared to have done so when he replied to a tweet about it: “Supporting Doge wherever feasible.”

Transportation for Loop rides just became easier with Dogecoin payments

The same day, DogeDesigner, a graphic designer for the Dogecoin Foundation, posted a video to his 13,600 Twitter followers in which he can be seen utilizing BitPay to pay 37.52 DOGE for a day pass and navigating the Vegas Loop booking website.

To get from one station to the next, passengers can board human-driven electric cars bearing the Tesla brand. It differs greatly from the initial designs for the “hyperloop” in Vegas, which called for the use of magnetic propulsion to swiftly convey passenger capsules over a network of pressurized tunnels.

The company is still aiming to eventually include autonomous vehicles into its transit system in Vegas. The newest integration for Musk’s portfolio of businesses is the support for Dogecoin payments on Loop.

Dogecoin’s value increased by 25% as a result of Tesla CEO Elon Musk’s statement in December that the electric car maker will start accepting DOGE for some goods transactions.

Even though there was little to no price change, Musk said in May 2022 that he was going to expand the SpaceX payment option. At the time of writing, Dogecoin’s price was $0.06843, up around 0.89 percent over the previous day.

Dogecoin Emerges As The Biggest Winner Among Top 10 Crypto Assets

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Popular meme coin Dogecoin or DOGE, has become the biggest gainer on the weekly index among the top 10 largest assets by market cap. Data from coinmarketcap shows the asset is currently exchanging hands at $0.078, up by 30% in the last 7 days.

The tenth-largest crypto with a market capitalization of $10.2 billion, has moved ahead of Polkadot [DOT].

The recent price rally comes after Musk reiterated several times expressing his support for the coin despite the prolonged downturn in the broader market.

In a meeting at the Qatar Economic Forum in Doha, Musk told Bloomberg, “many individuals who are not that well off have urged me to purchase and support Dogecoin. I’m answering those individuals”.

Elon Musk continues to be a staunch proponent of Dogecoin. Back in May 2021, the meme cryptocurrency ascended to all-time highs of $0.76 thanks to Musk’s appearance on “Saturday Night Live.”

Coming to its on-chain indicators, as per IntoTheBlock data, Doge whales, has been on a steady rise as large transactions increased by nearly 45% in the span of just 24 hours.

Dogecoin’s On-chain Performance Has Been Impressive

Typically a surge in the large transactions is attributed to increased activity from whales either buying or selling, and that transaction is usually more than $100,000.

The increased whale activity comes after a staggering 600 million of these coins were transferred to Robinhood in four separate transactions.

Additionally, per WhaleStats’ report, the meme coin was ranked among the top 10 most purchased assets in the top 100 BSC whales category.

With regards to its real-world utility, Dogecoin gained immense popularity during the Russia-Ukraine war, as the token was accepted by Ukraine for donations.

That said, investors must always exercise caution as rallies don’t signify that the worst is over for cryptos, market experts caution. It’s even harder to tell if the current rebound is a dead cat bounce or a bear rally.

In a recent interview, Ipek Ozkardeskaya, senior analyst at Swissquote Bank stated,

“What we are seeing right now could actually be another dead cat bounce or short-covering as investors are actually preparing for the earnings season.”

Elon Musk’s Love For Dogecoin Finally Revealed!

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Dogecoin advocate Elon Musk has once again proclaimed his support for the meme coin at the Qatar Economic Forum in Doha on 21 June.

In the highly televised event, Musk who appeared virtually talked about cryptocurrencies in general with Bloomberg News Editor-in-Chief John Micklethwait.

When asked about DOGE, the tech billionaire said that his preference for the asset continues to grow stronger after receiving encouragement from people of all walks of life, including his employees.

I intend to personally support Dogecoin because I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin—so I’m responding to those people. Just people when I walk around the factory at SpaceX or Tesla, they’ve asked me to support Dogecoin, so I’m doing so.

The CEO of Tesla Inc. and SpaceX has often pumped Dogecoin, a cryptocurrency created as a joke in 2013, with his Twitter musings. Recently Musk noted that Tesla accepts Doge as payment for merchandise and reiterated that SpaceX will be doing the same soon.

Meanwhile, critics slammed the token comparing it to a pyramid scheme, an allegation that did not go down well with DOGE co-creator Billy Markus.

Markus posted a tweet saying “if dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, the housing market, commodities market, and monetary system itself. cryptocurrency itself is just a protocol and a shared database”

Some proponents felt that the recent market crash provided a perfect opportunity for naysayers to bash the coin.

Dogecoin is Pumping

Last week, a frustrated investor based in the US filed litigation against Elon Musk and his firms- Tesla, and SpaceX for $258 billion alleging the CEO of operating an ‘illegal racketeering’ network to inflate the price of the asset.

Plaintiff Keith Johnson claimed that he and others in the class-action have lost nearly $86 billion between May 2021 and June 2022 and demanded that figure in monetary damages in addition to $172 billion.

On the price front, DOGE is showing some promising upswings. In just 3 days, the 10th-ranked coin surged by over 43%. At press time, it is trading at $0.066, an 11% rise over the daily index.

“If Dogecoin Is A Pyramid Scheme, So Is The Entire Monetary System”- DOGE Creator

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Throwing his weight behind Dogecoin, its co-founder Billy Markus gave a befitting reply after critics compared the asset to a pyramid scheme.

“Cryptocurrency has an incredible amount of stupid stuff around it, but that’s all just related to how incredibly stupid people are. cryptocurrency itself is just a protocol and a shared database”, the tweet read.

One of the critics who works as an Investment Advisor chose to defend the allegation and said crypto has no intrinsic value. “It’s not a hedge against inflation [exactly the opposite given infinite duration], nor is it diversified”, he claimed.

Markus then responded by saying “Intrinsic value is arbitrary. What people choose to do with it is up to them.”

Last weekend, DOGE flared up briefly after Elon Musk reaffirmed his support for the token after a follower asked him if he would keep buying DOGE despite the market dip.

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"If Dogecoin Is A Pyramid Scheme, So Is The Entire Monetary System"- DOGE Creator 11

The tweet coincided with Father’s Day and proponents soon flooded memes referring to Musk as the ‘Dogefather.’

In addition to that, the memecoin’s co-creator Markus some days back said that he wanted people to “use it for something… so it has a reason to exist,” Musk replied: “Tesla and SpaceX merch, maybe more down the road.”

A week ago, the tech billionaire and his firms- Tesla, and SpaceX were sued by a US investor for $258 billion alleging the CEO of operating an ‘illegal racketeering’ network to manipulate the price of the asset.

Dogecoin Investor Moves Court Against Elon Musk For “False Promotion”

“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when it has no value at all,” the plaintiff Keith Johnson said in the complaint.

“Since Defendant Musk and his corporations SpaceX and Tesla, Inc began purchasing, developing, promoting, supporting and operating Dogecoin in 2019, Plaintiff and the class has lost approximately $86 billion in this Crypto Pyramid Scheme,” the statement read.

Earlier this year, Musk announced that the firm’s supercharging stations will accept the cryptocurrency Dogecoin as payment.

Tesla does accept Dogecoin in its online store and there have been speculations of the automotive giant eventually including the token as a form of payment for its vehicles.