Dogecoin falls below 20 cents, after co-founder slams crypto industry

Popular crypto-asset known for having powerful supporters including Elon Musk and Mark Cuban, Dogecoin, has nosedived immensely after co-founder, Jackson Palmer, attacked the crypto industry.

Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a joke, making fun of the wild speculation in cryptocurrencies at the time. Despite its satirical nature, some consider it a legitimate investment prospect.

On the FTX Exchange, Dogecoin traded below $0.20 with a daily trading volume of over $1 billion. The meme coin is however up by 0.70% for the day with a market valuation of about $25 billion.

Market sentiment further weakened in the altcoin market, with Jackson Palmer the meme coin founder reeling out his opinion about the crypto industry being a scam and always has been.

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight, and artificially enforced scarcity,” Palmer said via Twitter on Wednesday.

The software engineer further buttressed a large part of the crypto community was controlled by a powerful cartel of wealthy entities who are turning the crypto market decentralized capability into a system that largely benefits the rich.

Recall the Australian, about four years ago disclosed he was taking an “extended leave of absence” from the “toxic” world of the digital market while making no profit from his involvement with the meme coin.

Price patterns reveal the eighth most valuable crypto by market value has lost over 70% from its May 9 all-time high of $0.73 as it traded around $0.19. Dogecoin currently has over 130.4 billion coins in circulation.