Bitcoin Developer Says Dogecoin Success An Example Of Crypto Assets Being Ingrained In 'Pure Capitalism'

Bitcoin BTC/USD developer Jameson Lopp has taken a dig at Dogecoin DOGE/USD, noting that the success of the meme cryptocurrency shows crypto assets are “ingrained in pure capitalism.”

What Happened: Lopp took to Twitter to say that Dogecoin, which was created as a joke cryptocurrency, has become everything that the “hardcore socialist” creator of the altcoin despised.

Crypto assets are so ingrained in pure capitalism that a hardcore socialist created a copypasta coin that was meant to be valueless and passed around for LOLs and within a few years it had become everything he despised.

— Jameson Lopp (@lopp) July 15, 2021

Lopp’s comments come after Jackson Palmer, the co-creator of Dogecoin alongside Billy Markus in 2013, took aim at the crypto industry in a series of tweets on Wednesday.

Palmer said that despite claims of “decentralization,” the cryptocurrency industry is controlled by a powerful cartel of wealthy figures.

See Also: Bitcoin Is Worth Zero: 'Black Swan' Author Nassim Taleb

Why It Matters: Based on the popular “Doge” Internet meme, Dogecoin’s rise to prominence this year can be attributed to endorsements from Tesla Inc. TSLA CEO Elon Musk and other celebrities.

Musk’s tweets regarding Dogecoin sometimes have an overwhelming impact on the Shiba Inu-themed cryptocurrency’s price.

While Dogecoin’s year-to-date gain stands at an impressive 3,133.1%, it is down 75.1% from its all-time high of $0.7376 reached in May.

Ric Edelman, executive chairman of Edelman Financial Engine, said in June that he is “strongly opposed” to Dogecoin and even called the meme cryptocurrency a “victim of a pump and dump scheme” orchestrated by Musk.

Nevertheless, supporters of Dogecoin and Bitcoin, the largest cryptocurrency by market capitalization, frequently compete to get hashtags related to their favorite tokens trending on Twitter.

Price Action: Dogecoin is down almost 3.9% during the last 24 hours, trading at $0.1841 at press time.

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