Dogecoin Product Lead Highlights Efforts To Spread FUD About The Good Boy: ‘Some Organizations Want It To Fail’

Timothy StebbingProduct Leader Dogecoin DOGE/USD John McClellan, founder of the Memecoin Foundation, expressed concerns about market manipulation and its impact on the popular memecoin community.

what happenedOn Monday, Stebbing X, Previously twitterIn a statement, he expressed his dissatisfaction because he believes certain organizations are purposely spreading negative information about cryptocurrencies online, claiming that these organizations want Dogecoin to fail.

He further alleges that such organizations are exploiting cryptocurrency volatility to profit at the expense of less fortunate investors through pump-and-dump schemes.

“Our community has been eviscerated time and time again by people who don’t think (or care) about why they are paying for this service or ruining their lives. They have blood on their hands,” Stebbing added, questioning the rationale of those who knowingly spread FUD about meme coins.

Also see: Why BONK, the “Solana Shiba Inu,” is outperforming Dogecoin and Dogwifhat, but traders should “avoid chasing green candles”

“Our communities have been repeatedly destroyed by these people who don’t think (or care) why they are paying for this service or ruining their lives. They have blood on their hands,” Stebbing said.

Why is this important?These allegations emerged following a major rebound for the dog-themed meme coin on Monday.

A prominent cryptocurrency trader recently said that Dogecoin is experiencing a sharp correction, but historical patterns suggest that the worst may be over. However, if Bitcoin hits a peak and enters a bear market, the bull case for Dogecoin could be invalidated.

Price Action: At the time of writing, DOGE is trading at $0.1075, up 5.5% over the past 24 hours. Benzinga Pro data.

Photo credit: Shutterstock.com

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Disclaimer: This content was produced in part with collaboration from Benzinga Neuro and was reviewed and published by Benzinga editors.

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