Billy Markus, one of Dogecoin’s co-founders, turned down a $14 million cryptocurrency offering. Dogechain provided this resource to Markus for the outspoken IT engineer to inform the DOGE army about the project.
New blockchain platform Dogechain claims it will make Dogecoin, a rather worthless meme coin, “more useful now.” However, it appears that Dogechain has already backstabbed its promise. Those who have been keeping tabs on the circulation of DC, the blockchain’s native coin, have labeled it a “pump and dump,” or “P&D,” scam since its release on August 23.
Pump and Dump Dogechain
Dogecoin (DOGE) can now be used for NFTs, DeFi, and other purposes thanks to Dogechain, a recently launched blockchain network. Complete compatibility with Ethereum smart contracts is also ensured. This cryptocurrency, new to the market on August 24th, is making headlines. It needed a vocal IT developer who could help promote the blockchain initiative.
The Dogechain, which promised to make Dogecoin, a previously worthless meme coin, “more useful,” may already have failed to deliver. Those following the distribution of DC, the blockchain’s native coin, have labeled it a pump-and-dump scheme.
On-chain data spotted on Twitter by user SatoshiFixer and shared by cryptocurrency investigator ZachXBT show that wallets that purchased DC before its public release have begun selling tokens.
On August 25, one wallet purchased 20B DC 10 minutes before it was made public and linked 1B tokens to Ethereum. In addition, the Dogechain deployer wallet transferred 50B DC to the wallet that provided the 20B DC.
How Do Dogechain and Dogecoin Fit Together?
The only link between these two is that Dogechain allows users to participate in Dogecoin. It is not officially affiliated with the Dogecoin Foundation or Dogecoin Core. Furthermore, Dogechain is not built on the Dogecoin blockchain. The team behind Dogechain says that it was based on Dogecoin and will act as a layer-two network for Dogecoin.
On the other hand, the Dogecoin community advised investors not to invest in Dogechain. Also, Dogechain is the name of a well-known Dogecoin blockchain researcher, which should be noted. However, it is unrelated to the Dogecoin project.
According to Jens Wiechers, a Dogecoin Foundation member, any statements made in sponsored publications about Dogecoin launching Dogechain are false. The tweet claimed Dogechain’s developers were paying influencers to mislead people into believing the token was valuable. As a result, Dogechain and Dogecoin are unrelated.
Billy Markus Rejects a $14 Million Dogechain Proposal
On August 26, a Twitter user named Vee, who goes by the handle @RepeatAfterVee, stated that Markus declined the Dogechain offer. According to the user, Markus, who created the first meme coin with Jackson Palmer, declined an invitation to tweet about Dogechain and help promote it. According to Vee, the network offered a large sum of money ($14 million) to help promote the project, but Markus declined.
Billy was offered to get 10B DC from Dogechain to promote their project.
— Vee (@RepeatAfterVee) August 25, 2022
Markus left the Dogecoin project soon after its inception. He is, however, one of the most outspoken members of the crypto Twitter community. Markus has stated unequivocally that he has no plans to resume the development of Dogecoin. He also stated that he has no plans to create any new digital currencies.
In his Twitter response, Markus reminded the group that he did not become wealthy by creating Dogecoin. He went on to say that he was frequently accused of selling pump-and-dump scams in the cryptocurrency market. Also, by declining the supply, he demonstrated that he did not want to disappoint the DOGE organization. As a result of his efforts, the Dogecoin community has respected him.
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