- Billy Markus believes ApeCoin will bring toxicity to the NFT space.
- ApeCoin has shown a lot of price volatility since its launch.
- It will not be the first time the DOGE founder criticizes token communities.
Dogecoin co-founder Billy Markus took to Twitter earlier today to criticize the decision of Bored Ape Yacht Club (BAYC) to launch a token.
“Token Communities are Generally Hyper Toxic and Desperate”
Billy Markus, one of the creators of meme coin, DOGE, has revealed why he’s not in support of the idea of the creation of ApeCoin. He expressed his belief that introducing tokens to the NFT space would ignite toxicity to the space. Markus revealed that the speculations around markets involving tokens tend to bring out a lot of negative reactions from people.
“sorry, I am not a fan of apecoin, mostly because I think it hurts the NFT space to bring in tokens, as token communities are generally hyper toxic and desperate… as tokens do the hype and crash thing like every token does, often people start to get pretty obnoxious about it all.”
Yuga Labs, the creators of the BAYC collection announced ApeCoin on Wednesday. The creators revealed that ApeCoin would be the governing token for the ecosystem. The ApeCoin DAO would manage the asset, and holders of the token would be able to vote and fund projects in the ecosystem.
Yesterday, the coin was made available for trading for the first time. Its highest value point per token is about $39.4, with a low of $1.00 on its opening. Currently, it is trading at $14.71 on major exchanges and naturally showing a lot of volatility.
Billy Markus ended his thought by saying it was alright for others to differ in opinion from him but urged them to lay out their thoughts constructively instead of going after him or Dogecoin. He said opting for the latter would only prove his point.
It would not be the first time the DOGE creator would be critical of cryptocurrency communities. One can say in many ways it was what led to the creation of the sensational meme coin, which Markus and his partner Jackson Palmer created to mock the following around cryptocurrencies at the time.
In the past, in several tweets and memes, the Dogecoin co-creator has urged the DOGE community to focus on utility if they wanted the asset to grow in adoption. He said the price should not be the focus of the community.
It is essential to note that Markus is no longer on the Dogecoin project. DOGE is down 1.32% in the last 24 hours and trading around the $0.11 price point.