The FTX collapse sent shockwaves through the entire crypto industry. Very few people saw the signs, and even fewer expected such a big exchange to collapse so suddenly. The whole incident proved just how important it is to keep tokens in self-custody. Dogecoin (DOGE) creator, Billy Marcus, took to Twitter and explained what would happen if the world’s largest exchange, Binance, or stablecoin Tether, were to collapse. So much so that Twitter founder Jack Dorsey agreed with Markus.
The Dogecoin creator said that the collapse of Binance or Tether, the largest stablecoin by market cap, would mean “game over.” However, Markus does clarify that “game over” does not mean that crypto would die. It would mean a “big mega mondo market crash.” Crypto, Markus says, “would still be the exact same thing – a decentralized ledger and way to send coins around.”
Dorsey, the former CEO of Twitter, agreed with Marcus, and said,
“game over for the games, certainly.”
The Dogecoin creator replied to Dorsey, saying that crypto markets are “a total chaotic house of cards mess.”
Dorsey said that it meant the internet won’t have a native currency, and that’s the only use case that matters.
Will Dogecoin become the currency of the internet?
Whether DOGE becomes the currency of the internet or not is not clear. However, With Elon Musk’s acquisition of Twitter, it may very well become the currency within the social media platform.
In a recent live stream, Musk said that Bitcoin, Ethereum, and Dogecoin do have a future. The Tesla CEO is a known proponent of the original memecoin, using every opportunity to endorse the token. Musk has hinted at his desire to integrate Dogecoin into Twitter’s tipping feature. However, there is no confirmation of when this would happen.
At press time, DOGE was trading at $0.085504, down by 0.1% in the last 24 hours.