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Dogecoin (DOGE) founder Billy Markus, known as Shibetoshi Nakamoto on X, has satirically reacted to the broader crypto market meltdown. In a meme shared on his page, Markus joked about how market sentiment is shifting away from Bitcoin toward traditional safe-haven assets.
Bitcoin "digital gold" narrative faces test
Notably, Markus observed that so far in 2026, there has been a shift in momentum from Bitcoin and other cryptocurrency assets. He opines that investors are abandoning risk assets for traditional assets like gold.
In his usual satirical manner, Markus mocks this shift in loyalty among investors into the crypto market. Although he founded Dogecoin, which is coupled to Bitcoin, Markus is known to take subtle jabs at the coin and other crypto assets.
The recent comment appears to be challenging the narrative that Bitcoin is the ultimate hedge against inflation and store of value. Markus is implying that Bitcoin’s "digital gold" status could be tested or weakened amid continued stagnation of the leading cryptocurrency.
Bitcoin has, in the last 30 days, failed to break the $98,000 resistance level and continues to trade below $100,000. Since its downward slip after hitting an all-time high (ATH) of $126,000 in October 2025, Bitcoin has not regained its bullish momentum.
As of press time, Bitcoin exchanges hands at $87,832.51, which represents a 2.49% decline in the last 24 hours. The dip extends the coin’s weekly loss to 2.37% amid a shift in sentiment among investors who are pulling funds from crypto to gold and other traditional safe havens.
Bitcoin’s trading volume has also decreased by 3.95% to $41.1 billion within the same time frame. The asset’s Relative Strength Index (RSI) at 45.56 indicates bearish momentum without being oversold. This means that the coin could witness further downsides.
Bearish signals mount as Bitcoin liquidations surge
Bitcoin traders have suffered severe liquidations after the coin lost the $90,000 price level. A total of $347 million was wiped from leveraged positions as the coin stalled and reversed gains because of resistance.
Meanwhile, as per CryptoQuant insights, the market is flashing more bearish signals. The "Bitcoin supply in loss percentage" is steadily increasing, and the market could enter a distribution phase.
Despite this bearish outlook, long-term Bitcoin advocate and CEO of JAN3 Samson Mow has projected that the coin will soar. He maintains that faces will melt when BTC hits $200,000. It remains to be seen how Bitcoin will react in the coming days.
Godfrey Benjamin
Tomiwabold Olajide
Gamza Khanzadaev