The crypto world can be rife with drama. Today, the rivalry between Dogecoin (DOGE-USD) cofounder Billy Markus and crypto YouTuber Matt Wallace is proving as much. Currently, Markus is levying some heavy allegations against Wallace, causing a split among investors on what to think. Could the DOGE crypto bull be leveraging the community for personal gains?
Matt Wallace is a prominent crypto influencer, known for his affinity for the DOGE crypto in particular. With nearly 250,000 subscribers on YouTube and over 550,000 followers on Twitter (NYSE:TWTR), Wallace is one of the most prominent voices for the community. His content prioritizes news in the crypto industry and price analysis.
Wallace is staunch supporter of the Dogecoin community and an obvious DOGE bull. Nonetheless, he has come to butt heads with Dogecoin cofounder Billy Markus. Last week, Wallace announced a new crypto project of his called Accept Doge. The premise of the token is to bring corporate awareness to the pupcoin; Wallace aims to influence companies to accept DOGE as payments for goods and services.
Markus has always been vocal about his distaste for those who “shill” tokens to those who don’t know better. More often than not, Markus says, the projects fizzle out in the form of a rug pull scam. And all too often, these scammers are not held accountable, thanks to a lack of investigative resources to track crypto crime as well as a lack of a precedent for punishing fraudsters.
Now, Wallace’s project has drawn the ire of Markus and the Dogecoin community. The founder has been very outwardly inhospitable toward rug pull scammers and is not happy about the project, most obviously because of its use of the DOGE name. Wallace has since changed the name of the project to Accept Crypto, but Markus remains unimpressed, going after Wallace in a series of tweets.
DOGE Crypto Community Divided Over Influencer’s Fumbled Token Rollout
This announcement has stoked tension between the DOGE crypto originator and his project’s biggest fan. But, recent days have seen even more ugliness. This week saw the Accept Crypto token roll out. After a traumatic start, many investors are now fully accusing Wallace of conducting a rug pull scam.
Wallace’s project is proving very short-lived; within hours of launching, the value of the token dropped a steep 99%, leaving investors with a worthless bag of tokens to remember it by.
As a result of the losses, many are theorizing Matt Wallace’s project is a rug pull. Even Markus himself is going after Wallace, accusing him of defrauding investors with the project. Markus is also openly slamming the Accept Crypto project for its ties to the Dogecoin brand, saying his coin’s reputation was “on the line.”
In the wake of the price crash, Wallace is vehemently denying the accusations. In a lengthy post to Twitter, the YouTuber says the rollout “has obviously not gone as planned.” Although Wallace says he’s not giving up on the project, he advises investors to not buy in until the volatility is sorted out.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
