Billy Markus, the co-founder of Dogecoin (DOGE), has criticised most cryptocurrency speculators for lacking basic market expertise.
Markus claimed in a series of tweets on May 17 that 70% of crypto investors have “absolutely no clue” and don’t grasp market basics. Markus further mentioned that most investors overlook important variables such as market research before investing.
Markus stated the following:
“I’m not sure how many crypto investors don’t grasp the fundamentals of either crypto or how markets function, but based on what I’ve heard, at least 70% don’t.”
Previously, the meme coin’s creator claimed that 95% of cryptocurrency projects are “scams and junk” with no genuine value to provide.
Due to the proliferation of frauds, he found that most genuine crypto companies are facing credibility wars with mainstream investors. Markus made the comments in the aftermath of the Terra currency meltdown, which resulted in millions of investors losing money.
In this scenario, he urged Terra creator Do Kwon to retire from the crypto industry permanently. According to Markus, Kwon’s aim to obtain the collapsing coins is to swindle additional people.
Markus emphasised the importance of conducting fundamental research before succumbing to popular online hype about various assets. He also warned against emotional investing, emphasising the need to go into the market with a strategy.
Markus has recently been in the public criticising the crypto market, alleging that DOGE was created to mock the status of the market and the prevalence of useless projects.
Regardless of the rationale behind DOGE’s inception, the coin has gone on to attract millions of investors, including celebrities such as Elon Musk. Despite the network’s continuing development, DOGE scored among the assets with the highest returns last year.
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