Dogecoin Creator Says Bitcoin Should Be Considered Security, But Why?
A recent stunt by Elon Musk triggered a new rally phase for Dogecoin (DOGE). The Twitter boss bucked the trend for DOGE by replacing Twitter’s blue bird symbol with the popular Shiba Inu logo of the DOGE crypt.
While excitement is high for the DOGE community, Bitcoin maximalists criticized the meme coin as centralized security. Doge co-creator Billy Markus defended Dogecoin, pointing to its similarity to Bitcoin.
The Dogecoin co-creator comes to his defense
The Twitter logo stunt drew a mixed reaction in the crypto space. The DOGE community saw it as a sought-after hype as its favorite token price headed north.
However, some negative reactions and criticism emerged from a few Bitcoin maximalists. Alex McShane, Bitcoin’s program manager, mocked Musk’s stunt through his tweet reply.
McShane stated that DOGE is an unregistered centralized security. He suggested that the meme coin is incomparable to Bitcoin since the former is a shitcoin. Furthermore, he mentioned that Bitcoin is bigger than Dogecoin.
After McShane’s slam, the Dogecoin community went wild with many responses. The co-creator of DOGE, Billy Markus, also known as Shibetoshi Nakamoto, quickly rose to the defense of the meme coin.
In his tweet response, Markus said that Dogecoin runs with a similar code base to Bitcoin. The programmer explained that the design of Dogecoin was a BTC parody without a propensity for profit. Also, the meme coin has no pre-mined tokens just like Bitcoin.
Markus argued that if Dogecoin is a security, then Bitcoin is also a security. The two cryptocurrencies run with the same principles in all operations. Dogecoin just has a dog logo on it.
Furthermore, Markus advised McShane to redirect his attacks to others, such as Senator Elizabeth Warren. Special, Senator Warren is known for its anti-crypto stance.
Musk stunt triggers DOGE price rally
Famous supporter of the Dogecoin cryptocurrency, Elon Musk, replaced Twitter’s bird logo with DOGE. On Monday, Musk tweeted “As promised” just above the image of an older conversation with a user. In the discussion, the user stated that Musk should buy Twitter and change the bird logo to a DOGE.
Within hours of changing the logo, the price of the meme coin increased by almost 35%. CoinMarketCapdata showed that DOGE traded at an opening price of $0.07909, recorded an intraday high of $0.1026, and closed at $0.09608 on April 3.
At the time of writing, the token is trading at around $0.10146, indicating a 5% increase on the daily candle. Its 24-hour trading volume is $4.66 billion, showing an increase of 591.75%. Also, DOGE’s market cap is currently $13.68 billion, with a market dominance of 1.18%.
Featured image Pexels and chart from Tradingview.com
