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Dogecoin (DOGE) Founder Comments on Crypto Market Crash

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Wed, 1/05/2024 - 8:40
Dogecoin (DOGE) Founder Comments on Crypto Market Crash
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Billy Markus, known on social media under the pseudonym Shibetoshi Nakamoto, created the iconic meme-themed cryptocurrency Dogecoin in collaboration with Jackson Palmer in 2013 as a parody of Bitcoin. Since then, both have stepped down from the project, leaving it in the hands of the Dogecoin Foundation.

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Dogecoin creator reacts to Bitcoin and crypto crash

Over time, Markus has become a cryptocurrency influencer with a vast audience of more than two million on X, and he often publishes memes or shares his take on major events in politics and finance but also in the cryptocurrency space.

As altcoins began falling following the two largest cryptocurrencies Bitcoin and Ethereum, the Dogecoin cofounder tweeted: “Man crypto sure does suck.” Markus is known for his skepticism toward crypto trading, often likening it to gambling.

Markus’s tweet came out right when the Bitcoin price collapsed overnight, caused by several major developments in the crypto space.

Crypto market goes down following Bitcoin's 10% crash

Over the past 24 hours, the world’s primary cryptocurrency, Bitcoin, has lost almost 10.3%, falling from the $64,600 zone to the $57,650 area, where it is changing hands at the time of writing.

Following Bitcoin, the second largest cryptocurrency by market capitalization value, Ethereum, has plunged by more than 11%. It is trading at $2,874 after losing the $3,243 level on Tuesday.

Dogecoin has fallen by nearly 15% as it plunged from $0.1458 to the $0.1242 level, where it is sitting now.

Among the major reasons for the plunge is believed to be the Binance founder CZ getting sentenced to four months in prison for violating the Bank Secrecy Act (BSA) and on charges of money laundering on Binance. Besides, the jobs report came out worse than expected, and the Bitcoin-Ethereum ETFs in Hong Kong failed to meet the expectations of traders as the former were expected to surpass spot Bitcoin ETFs in the U.S. on their first trading day.

In reality, the Hong Kong ETFs managed to score $12.4 million in trading and $141 million in inflows into Bitcoin and partly into Ethereum. When the U.S. spot ETFs launched, their figures surpassed those massively, with $740 million in assets and $4.6 billion in trading volume.

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