Dogecoin Founder: If DOGE Is A Pyramid Scheme, Then The Entire Financial Market Is As Well

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Billy Marcus, co-founder of the popular memcoin project Dogecoin (DOGE), has responded to a lawsuit filed against Tesla executive Elon Musk for promoting the cryptocurrency, which is accused of being a pyramid scheme.

Suppose the first meme coin is described as a pyramid scheme. In that case, the same description should apply to all existing cryptocurrencies, stocks, commodities, and the housing market, according to the Dogecoin founder.

He went on to say that people should sue Alexander Hamilton, the country’s founding father.

“If dogecoin is a pyramid scheme, then the entire cryptocurrency market, stock market, housing market, commodities market, and monetary system are as well.” Marcus proposed suing Alexander Hamilton.

He noted that the fact that cryptocurrencies are associated with a lot of “stupid stuff” demonstrates “how incredibly stupid people are,” adding that digital currencies are just “a protocol and a shared database.”

Read also: Dogecoin Founder Slams Celsius Network, Claiming That First Terra and Now Celsius Are Causing Crypto Market Collapse

Elon Musk is being sued for promoting Dogecoin

It may be recalled that a US man last week sued Musk, the founder of the American electric car company Tesla, for his role in promoting Dogecoin.

The plaintiff, identified as Keith Johnson, stated in the lawsuit that he invested heavily in Dogecoin due to Musk’s tweets about the project.

According to Johnson, the tech mogul has been promoting Dogecoin as a secure investment vehicle that will eventually become the internet’s future currency. However, “DOGE has no value at all,” in reality.

DOGE Drops 92 Percentage From ATH

Unfortunately, Johnson’s investment in Dogecoin did not go well, as the cryptocurrency has experienced a significant drop since reaching an all-time high last year.

DOGE reached a high of $0.73 on May 8, 2021, after widespread promotion by top crypto players such as Musk and Dallas Mavericks owner Mark Cuban.

Related article: Top BNB Whale Purchases 400 Million Dogecoin (DOGE) Worth $31.6M

DOGE has fallen 92 percent from its all-time high and is currently trading around $0.058, resulting in significant losses for investors.

Johnson, claiming to represent himself and other Dogecoin investors who have suffered losses due to the popular cryptocurrency, stated that the American tech mogul should pay $258 billion in compensation.