• Elon Musk recently caused a new rally phase for Dogecoin (DOGE) by swapping the Twitter logo with DOGE’s Shiba Inu logo.
• Bitcoin maximalists criticized Dogecoin as a centralized security, but co-creator Billy Markus defended the meme coin by pointing to its similarities with Bitcoin.
• Following these reactions, Dogecoin’s price spiked and many members of the crypto space expressed their opinions on the matter.
Elon Musk’s Stunt
Recently, Elon Musk triggered a new rally phase for Dogecoin (DOGE) by swapping Twitter’s blue bird symbol with the popular Shiba Inu logo of the DOGE crypto. This stunt sparked excitement among members of the DOGE community, as well as criticism from Bitcoin maximalists who argued that it is a centralized security.
Dogecoin Co-Creator Comes To Its Defense
The Twitter logo stunt prompted mixed reactions within the crypto space. The DOGE community saw it as an opportunity to increase its token price and was in support of Musk’s stunt. However, some adverse reactions and criticisms emerged from Bitcoin maximalists like Alex McShane who argued that Dogecoin is an unregistered centralized security that cannot be compared to Bitcoin due to its status as a “shitcoin”.
In response to this criticism, Dogecoin co-creator Billy Markus defended his creation by pointing out its similarities with Bitcoin. He explained that both cryptocurrencies run on similar codebases and have no pre-mined tokens. Furthermore, he suggested that if Dogecoin is considered a security then so should Bitcoin be considered one as well.
Musk Stunt Triggers DOGE Price Rally
Following Elon Musk’s stunt, excitement grew in the DOGE community and prices rose significantly higher than before. Many members of the crypto space shared their opinions on social media regarding this incident and offered support or criticism depending on where they stood in relation to Dogecoin and cryptocurrency in general.
Overall, this reaction highlighted how differently different members of various communities within cryptocurrency view each other’s projects or investments; while some choose to embrace new technologies such as Dogecoin despite any potential risks involved, others remain skeptical or even critical towards them due to their beliefs about certain aspects of cryptocurrency being superior or more secure than others’.
This article should not be taken as investment advice and is only intended for informational purposes only