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HomeCrypto NewsMarket'If Dogecoin is a Security, Bitcoin is a Security,' Says DOGE Creator

‘If Dogecoin is a Security, Bitcoin is a Security,’ Says DOGE Creator


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Elon Musk sparks another DOGE rally, but Bitcoin maximalists are not pleased.

Dogecoin (DOGE) has surged to the spotlight again thanks to another one of Elon Musk’s Twitter antics. In an unexpected stunt, the Twitter chief briefly swapped Twitter’s blue bird mascot with the famous Shiba Inu logo of the DOGE cryptocurrency. It led the memecoin to surge as high as 35% in a few hours.

However, not all were enthused by the billionaire’s actions. Head of programs at Bitcoin Magazine Alex McShane, reacting to the stunt, took a shot at Musk, slamming DOGE as an unregistered security and a shitcoin.

McShane’s comments elicited a lot of flak from the DOGE community, including from the memecoin’s co-creator.

Billy Markus Responds 

As highlighted above, Dogecoin co-creator Billy Markus, popularly known as Shibetoshi Nakamoto on Twitter, was on hand to respond to McShane’s claims yesterday. The programmer, refuting the statements from the Bitcoin maximalist, pointed out that DOGE shares the same codebase with Bitcoin. Furthermore, he highlighted that there was no token pre-mine and that it was made as a Bitcoin parody, implying no expectation of profits.

Consequently, Markus added, “if dogecoin is a security, bitcoin is a security.”

The Dogecoin co-creator urged McShane to focus his attacks elsewhere, like at U.S. Senator Elizabeth Warren, who recently hinged her political campaign on anti-crypto rhetoric.

Meanwhile, McShane is not the only one to allege that DOGE is a security.

The Multi Billion-Dollar DOGE Case 

It bears mentioning that Musk is currently involved in a $258 billion lawsuit where the plaintiff alleges that DOGE is a security. A claim that the billionaire’s legal team has refuted. 

The investor seeks compensation after claiming to have lost money investing in the doggy-themed memecoin due to Musk’s tweets. As reported by Reuters yesterday, the defendant’s lawyers have asked a Manhattan judge to dismiss the case arguing that the billionaire’s tweets are not financial advice.

Musk’s love story with Dogecoin is no news, and the billionaire appears undeterred by legal concerns surrounding his cryptocurrency promotion. Recall that his takeover of Twitter had sparked similar excitement within the DOGE community as holders envisioned an integration of the cryptocurrency for payments on the micro-blogging platform. While the Twitter boss has stoked the flame of these speculations, there is no indication that such an integration is coming anytime soon.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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