Dogecoin co-founder, Billy Markus, believes that most lesser cryptocurrencies will collapse by 99.9% as major tokens are protected.
The creator of the popular meme token, Dogecoin, shared his opinion on the recent market trend in the industry. The developer remains bullish that 99.9% of cryptocurrencies will go down to zero; only the major ones can survive the market’s volatility because they are protected.
Major Coins are Protected
In a recent tweet, Markus points out that out of 500 newly minted coins, close to 100 of them are likely to crash. However, this is not the same for the top cryptocurrencies like Bitcoin, Dogecoin, and Ethereum.
The reason given by the Dogecoin developer is that the leading coins only shed about 90% of their value during market corrections.
Let’s hope it stays that way, as some say 99% coins crash incoming
— Antoinette Van Niekerk (@AntoinetteVanN2) May 31, 2022
Dogecoin Creator no Longer Investing in Crypto
Billy Markus has previously announced that he has stopped investing in digital assets since 2013. According to him, his decision to halt crypto investment is due to the trend of gambling by investors
The Dogecoin Co-founder revealed that most retail traders do not know the working of the market. He added that they do not understand cryptocurrency and do not study the tokens thoroughly. They bet on overhyped coins or go for the ones most of the investors are purchasing.
In a reminder to the Dogecoin community, the co-founder notes that it has been a long since he worked on the DOGE development. He further added that he has no intention of resuming work on Dogecoin’s development.
Whale’s DOGE Holding Increasing
As per WhaleStats, the crypto tracking platform, the biggest 100 whales on the BNB Chain hold more DOGE coins. The whales have included $2 million worth of DOGE to their meme crypto stash.
Currency, the crypto portfolio of the whales contains $17,004,992 worth of Dogecoin, which is about 1.14% of their total holdings. Moreover, another large crypto whale with the acronym “Martian Manhunter” bought a large stash of Dogecoin.
Last Thursday, the latest acquisition occurred where the whale purchased a whopping 68,000,000 meme tokens valued at $5,684,188.
Despite the ongoing market correction, larger institutional whales are still active on the Dogecoin network. The meme cryptocurrency has had a mixed experience so far. Though long from its previous all-time high, Dogecoin has a relatively stable price performance.
The acquisition of Twitter by its biggest supporter has had a profound impact on its price action.
Following the announcement of Elon Musk’s takeover of Twitter, the leading meme coin has surged significantly. However, the spike in price was temporary as Dogecoin continued its mixed market performance.
Meanwhile, Dogecoin is currently on a steady rise in value but is hindered by the market correction that has enveloped the industry.
As Billy Markus stated, the meme token is not looking to scale up further as development is halted by a lack of action by its creator.
Meanwhile, Shiba Inu is the closest competitor to Dogecoin as it puts DOGE under pressure to dominate the altcoin space.