The creator of the Dogecoin cryptocurrency told why he developed the token

The developer of the largest memecoin on the market reminded his Twitter followers of the reason for creating Dogecoin and shared his thoughts on what he thinks about the whole FTX situation, which caused another market crash.

Billy Marcus reminded his followers that the token was created to make fun of situations like FTX. He also believes that similar cases will happen again and again, so «satire in the form of Dogecoin is needed.»

If you look at the FTX collapse from the outside, it becomes obvious that the actions of the exchange’s management were short-sighted, to say the least. Technically, FTX was using its users' funds to finance and lend to a third-party company, so they faced a liquidity crisis when users decided to get their money back.

At first glance, it may seem that the founder of the largest meme coin is somehow opposed to the digital asset industry and only makes hateful or mocking comments about it. However, he clarified that «there's nothing wrong with crypto,» its advantage is that cryptocurrency allows users to move funds from one wallet to another without relying on a centralized basis controlled by governments, the only problem in all of this is people, Marcus is sure.