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Dogecoin co-creator Jackson Palmer has a warning for those looking to start trading in cryptocurrency, saying more people lose money than those who get rich.
Jackson Palmer Believes Cryptos are Facilitators of Scams
In a recent interview with The Project, Jackson Palmer stated that ‘cryptocurrencies are facilitators of scams’ and reiterated that Dogecoin (DOGE) was a joke, so he didn’t keep any of it.
Palmer walked away from the Dogecoin project shortly after its inception after growing frustrated with the cryptocurrency community. He emphasized that he didn’t save any of the cryptos and that he’s glad that he didn’t get rich with Dogecoin since.
“Because it is this thing that exists outside of the control of the government; because it is this irreversible transaction, it really has provided a means for scammers to come in and do all this stuff without that pesky,” he said in his interview.
At the time of writing, Dogecoin (DOGE) is trading at $0.058541, down 11.2% from the past 24 hours, according to data from CoinGecko.
Growing Popularity of DOGE
Dogecoin was created by software programmers Jackson Palmer and Billy Markus in 2013, who intended the project to be a tongue-in-cheek satire over the then craze of minting altcoins that have little value except for novelty symbolism.
The cryptocurrency has since picked up a rabid fanbase, known colloquially as the “Doge Army” with celebrities like rapper Snoop Dogg, rocker Gene Simmons, and billionaire Elon Musk publicly touting the cryptocurrency on social media platforms, often pumping the price.