Dogecoin Product Lead Highlights Efforts To Spread FUD About The Good Boy: 'Some Organizations Want It To Fail'

Timothy Stebbing, product lead at the Dogecoin DOGE/USD Foundation, has voiced his concerns over market manipulation and its impact on the popular memecoin’s community.

What Happened: On Monday, Stebbing took to X, formerly Twitter, to express his frustration with certain organizations that he believes purposely spread negative information about the cryptocurrency online. He claims that these entities want Dogecoin to fail.

He further alleges that such organizations are exploiting the cryptocurrency’s volatility to profit at the expense of less fortunate investors through pump-and-dump schemes.

in 2021 the @DogecoinFdn was tipped off about this and much worse in relation to Dogecoin by a staff member at a large exchange. It's unsurprising that some organisations want Dogecoin to fail, and others want it to fluctuate forever to milk the poor hopefuls for their last… https://t.co/mq0jxuLfwh

— Timothy Stebbing (@tjstebbing) July 8, 2024

“Our community has been gutted repeatedly by these kinds of people who don’t even consider (or perhaps don’t care) why someone would pay for this service, or the lives ruined.. they have blood on their hands,” Stebbing added, calling into question the principles of those deliberately spreading FUD about the memecoin.

See Also: Why ‘Shiba Inu On Solana’ BONK Is Outperforming Dogecoin, Dogwifhat, But Traders Should ‘Avoid Chasing Green Candles’

Stebbing stated, “Our community has been gutted repeatedly by these kinds of people who don’t even consider (or perhaps don’t care) why someone would pay for this service, or the lives ruined… they have blood on their hands.”

Why It Matters: These allegations come in the wake of a significant rebound for the dog-themed memecoin on Monday.

A prominent cryptocurrency trader stated recently that while Dogecoin has witnessed a steep correction, the worst could be over if one were to take historical patterns as guidance. However, if Bitcoin is topped out and enters a bear market, the bullish narrative for Dogecoin could be invalidated.

Price Action: At the time of writing, DOGE was exchanging hands at $0.1075, following a 5.5% jump in the last 24 hours, according to data from Benzinga Pro. 

Photo Courtesy: Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.