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The developer of the meme-coin takes issue with Musk, who has become Dogecoin's leading advocate.
The tech and cryptocurrency communities are in an uproar over Elon Musk's attempt to acquire Twitter, with some viewing it as a step for free expression and others as a billionaire taking over the (company-run) public square.
The co-creator of Musk's preferred cryptocurrency, Dogecoin, is not enthused with the Tesla CEO's intentions for Twitter.
Jackson Palmer tweeted, "It requires some incredible mental acrobatics to equate 'freedom' with the richest guy in the world conducting a hostile takeover and forcing one of the major public social media sites to become private."
Musk has been one of Dogecoin’s most ardent supporters since April 2019, with his tweets affecting the price of Dogecoin multiple times. On May 8, 2021, Dogecoin reached an all-time high of $0.73; the same day Musk headlined “Saturday Night Live.” (It then fell to $0.43 overnight.)
Remarkably, one of Dogecoin’s developers has come out against Musk’s plan to make Twitter private, despite all he’s done to boost the price of Dogecoin. However, it’s not entirely unexpected, given Palmer’s long-standing opposition to cryptocurrencies and their supporters.
Palmer expressed his perspective on the sector in a Twitter discussion dated July 14, 2021.
“After years of investigation, I’ve concluded that cryptocurrency is an intrinsically right-wing, hyper-capitalistic technology designed solely to increase the wealth of its proponents through tax evasion, less regulatory supervision, and artificially enforced scarcity,” he said.
Palmer continued by stating that he believes the cryptocurrency market is controlled by “a formidable cartel of affluent persons” and that it facilitates the efficient transfer of money to those at the top. Palmer asserts he will never return to the bitcoin market.
Jackson Palmer and Billy Markus created Dogecoin as a joke in 2013, utilizing the Shiba Inu “doge” meme to poke fun at the young cryptocurrency sector. Since then, the original meme coin has garnered a tremendous online following and, with a market valuation of $19.06 billion, has become the eleventh-largest cryptocurrency. According to CoinMarketCap.com, its current price is $0.14. For most of its existence, it has been worth less than a cent.