- Dogecoin creator Billy Markus on Monday said that Dogecoin ought to exploit its advantages as a digital currency
- Markus also defended the Dogecoin project, saying it doesn't belong in the 'shit token' category
Through a series of tweets posted on Monday, Dogecoin creator Bill Markus shared his view on the future of the ecosystem's native coin, DOGE. Popularly known on Twitter and in the crypto space as Shibetoshi Nakamoto, Markus was one of the influential people behind Dgecoin.
Though he is no longer associated with the project presently, he suggested that by marketing itself as a currency, albeit virtual, DOGE could differentiate itself from thousands of digital speculation and utility tokens in the market. In his opinion, the coin is well-suited to be used as an instrument for making purchases rather than a speculative asset.
"Dogecoin needs to market itself as a digital CURRENCY," he wrote.. "[It] is in the best position to be the most used for purchasing and tipping,"
'Speculation has brought attention. Work brings utility'
Markus added that it is crucial for DOGE to have an element of utility; otherwise, it may become irrelevant. The Dogecoin co-founder called on holders to not only widely use and accept the coin but also spread awareness of it. He also shared alternative ways through which the Dogecoin community can promote the coin's utility and advance the ecosystem, citing the work of pseudonymous Dogecoin developer Inevitable360.
"If you want dogecoin to succeed, continue to be relevant, and have a reason and need to exist, utility comes from using it, accepting it, and showing others the benefits to do so […] Nothing stops you from helping the thing that you want to succeed, succeed."
In a separate thread shared today, the DOGE creator appeared to throw brickbats at scammy and spammy tokens, which he labelled as 'shit tokens.' He highlighted several projects that fall under this category, including BSC tokens, 'meme' tokens, tokens that have no use case and those "that people spam on threads."
Some users were keen to point out that DOGE is itself a 'meme' coin – remarks that he strongly repudiated.
"Dogecoin was made 8 years ago. It's a satirical cryptocurrency made for sillies that randomly caught on. Nothing else is made for sillies. Everyone knows dumb shit can catch on now. It's all done to take money."