Marcus has reacted to the $258 billion lawsuits filed against Elon Musk for promoting the cryptocurrency.
Billy Marcus, the co-founder of the popular memcoin project Dogecoin (DOGE), has reacted to a lawsuit slammed against Tesla exec Elon Musk for promoting the cryptocurrency, which is alleged to be a pyramid scheme.
The Dogecoin founder noted that if the first meme coin is referred to as a pyramid scheme, then the same description should apply to all existing cryptocurrencies, stocks, commodities, and the housing market.
He added that people should sue Alexander Hamilton, the founding father of the United States.
“If dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, housing market, commodities market, and the monetary system itself. Let’s sue Alexander Hamilton,” Marcus said.
if dogecoin is a pyramid scheme, so is the entire cryptocurrency market, stock market, housing market, commodities market, and monetary system itself.
let's sue alexander hamilton.
— Shibetoshi Nakamoto (@BillyM2k) June 19, 2022
He noted that the fact that cryptocurrencies have lots of “stupid stuff” attached to them goes to show “how incredibly stupid people are,” adding that digital currencies are just “a protocol and a shared database.”
Elon Musk Sued for Promoting Dogecoin
It can be recalled that a United States man last week slammed Musk, the founder of American electric car company Tesla, in a lawsuit for the role he played in promoting Dogecoin.
The plaintiff, referred to as Keith Johnson, stated in the lawsuit that he invested heavily in Dogecoin due to the tweets Musk shared about the project.
According to Johnson, the tech mogul has been promoting Dogecoin as a safe investment vehicle that will ultimately become the future currency of the internet. In reality, “DOGE has no value at all.”
DOGE Crashes 92% From ATH
Unfortunately, investing in Dogecoin did not end well for Johnson, as the cryptocurrency has suffered a significant crash since it peaked at an all-time high last year.
DOGE peaked at $0.73 on May 8, 2021, following widespread promotion from top crypto players, including Musk and Dallas Mavericks owner Mark Cuban.
At press time, DOGE has plunged 92% from its all-time high as it is trading around $0.058, which has caused significant losses to investors.
Johnson, who claimed to be himself and other Dogecoin investors who have incurred losses via the popular cryptocurrency, noted that the American tech mogul should pay the sum of $258 billion as compensation.