Dogecoin Co-founder Shuts Down Speculation About New Token

• Markus’s involvement with a decade-old Bells network that was forked by unknown developers has been downplayed amid the ongoing meme coin hype.
• The Dogecoin developer reminded the followers that he would never be involved in another crypto project, and he was only relooking into the project to give investors some perspective.

Amid the heightened meme coin activities sparked by Solana’s BONK, and Avalanche’s Coq Inu among many others, on-chain data has shown an increased greed from traders seeking to capitalize with small investments. The improved crypto liquidity fueled by institutional mainstream adoption has undeniably increased the chances of questionable projects that pose a high risk to investors.

For instance, X platform user Kaduna (@cryptokaduna) pointed out on Monday that Dogecoin (DOGE) co-founder Billy Markus has been silently attempting to revive a decade-old crypto project. According to Kaduna, the crypto project, Bellscoin, is likely receiving support from the Doge co-founder who joined its discord group.

Markus Pledge Unwavering Support to Dogecoin Community

The Dogecoin co-founder quickly replied to the claims that he is silently supporting another crypto project to dispel the rumors. In his defense, Markus replied that the report is misleading as there is no support through his joining the discord group. Instead, Markus noted that he joined the Bellscoin discord group as an observer and to provide warnings about the siloed tech.

Moreover, Markus highlighted that the crypto project is super old tech and people need to lower their expectations from crypto developers. Markus noted;

I’m never going to dev on any crypto project ever again, and I’ve made that extremely clear thousands of times,

A different X platform user, Noodles (criptopaul) pointed out that the top 25 Bellscoin addresses hold about 37 percent of the coin’s supply. Additionally, Noodles defended Markus for not having anything to do with the crypto project as it is just a fork created by anonymous developers.

In hindsight, Markus reminded his followers and critics that Dogecoin is his only crypto project, and has grown to become a decentralized eco with deep liquidity. Moreover, Markus is a popular crypto figure and scams have been hatched in his name, which has resulted in investors’ rip-offs.

DOGE Market Outlook and Price Action

As the leading meme coin that is expected to literary visit the moon early next year, Dogecoin (DOGE) has grown to a respectable meme coin with a market cap of about $13 billion. According to our market data, DOGE’s price has gained about 17 percent in the past four weeks to trade at $0.0916.

Although the meme coin has seen heightened trading volume in the recent past, its bullish performance has declined significantly compared to new meme coins. From a technical perspective, the DOGE price is on the cusp of a major bullish uproar after a successful breakout from a descending triangle.

Additionally, the DOGE price on the weekly time frame has seen the Relative Strength Index (RSI) break above 70 for the first time since May 2021.