Dogecoin creator disappointed in his cryptocurrency

The name Dogecoin became known to most after the token was announced by Elon Musk. Before that, it was only on the radar of cryptocurrency circles. Except that Musk also played an interesting role in promoting the token. He first praised it, but ended up agreeing to accept payments for Tesla cars in bitcoins.

Not many months later, the founder of SpaxeX is once again lashing out at bitcoin, calling it an unsustainable cryptocurrency. He explained his opinion by saying that mining requires a lot of electricity and additional resources. As a result, he dismissed bitcoin as a payment option. Despite these “swings”, in terms of Dogecoin, Ilon played in favour of the cryptocurrency.

Demand for the token

Once Dogecoin emerged, it failed to attract much attention. First, it appeared when there were already enough cryptocurrencies on the market and they were actively competing with each other. Second, it almost coincided with bitcoin’s rise to prominence.

Dogecoin was initially promoted by Reddit users. Members of the movement collaborated and launched an active operation for this cryptocurrency. Thanks to their actions, the token went for pennies at the beginning of January, and at the start of February it was already being offered for 7 cents/coin.

Slowly, Elon Musk joined the movement. The billionaire demonstrated his enthusiasm for cryptocurrency by repeatedly tweeting about it. In addition, he described the token as “people’s money” and also promised to launch it to the moon. In the end, thanks to seemingly humorous statements, Dogecoin owners, who might have had $1,000 in their account, became the owners of $145,000.

Why Dogecoin creator disappointed

Jackson Palmer, the creator of Dogecoin cryptocurrency, was busy promoting his brainchild while working for Adobe. He used all available marketing means, including events, networking, conferences and more. Gradually, however, the mood began to change.

Initially, Palmer treated the process as a joke. Then he discovered that it wasn’t a bad source of income. Eventually, hackers and fraudsters began to turn on him. So one day, instead of using a special program to store Dogecoin, one of the developers decided to create an online wallet. Although the idea is not a bad one, but the application was immediately hacked and 21 million Dogecoins were stolen.

After the incident, a fund was started to help the victims. In the process, the necessary amount was collected. Except that other “companions” started to appear who pocketed the assets for themselves. One of them was a Reddit user. In the end, Palmer just freaked out.

When he took a “leave” from the project to devote himself to his main work, the entire community turned into a collection of scammers and those eager to get rich quick. Palmer therefore decided not to return. At the same time, he criticized the entire crypto-enthusiast community, leaving the field for good.