The co-creator of meme cryptocurrency Dogecoin (DOGE) is calling out the entire crypto space as a social ill.
In a viral tweetstorm, Palmer, who created Dogecoin in 2013 as a joke with fellow developer Billy Markus, says he thinks the cryptoverse has evolved into something he can no longer support.
According to Palmer, the crypto culture’s mantras of decentralization and sound money are largely facades that rich gatekeepers use to lure in and dupe financially desperate participants.
Palmer concedes that financial exploitation has always existed but says that the crypto space almost looks to him like it was “purpose built” to efficiently funnel money from the vulnerable to those at the very top.
The developer, who now describes himself as a “product and data geek”, says that crypto has been designed from the beginning to tilt the odds in favor of billionaires at the expense of regular people.
Palmer says that the crypto industry is incapable of taking criticism and that many tough questions are met with “smears” from powerful figures who control the space coupled with anger from retail investors who also believe they will become wealthy.
Dogecoin, which Palmer co-created based on “Doge” memes that typically portray a Shiba-Inu dog speaking in broken English, went on a historically wild ride in 2021.
Opening the year at $0.0047, DOGE reached an all-time high of $0.73 for a gain of 15,431%, before losing almost 80% of its value in the wake of tech billionaire and Dogecoin enthusiast Elon Musk’s appearance on Saturday Night Live.
At time of writing, DOGE is trading at $0.19, according to CoinGecko.