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Dogecoin Founder Issues Crucial Statement on Bleeding Cryptocurrency Market

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Mon, 8/07/2024 - 8:09
Dogecoin Founder Issues Crucial Statement on Bleeding Cryptocurrency Market
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Billy Markus, who created the original meme cryptocurrency Dogecoin together with Jackson Palmer in 2013, has taken to his X (formerly popular as Twitter around the world) account to comment on the major decline that the cryptocurrency market is going through at the moment.

Bitcoin price plummeting, pushing crypto market down

Over the past 24 hours, the world’s flagship cryptocurrency, Bitcoin, has demonstrated a decline of 5.81%, which today was partly cured with a 1.55% price increase. At the time of this writing, Bitcoin is changing hands at $55,860 at the Bitstamp exchange.

Overall, between July 1 and July 5 last week, Bitcoin lost more than 15% of its price, dropping from the $63,600 zone to $53,900. This plunge was followed by an attempt to regain the losses, with Bitcoin succeeding in gaining 8.3% as it surged back to the $58,370 level. After that, the above-mentioned 24-hour blow happened.

Markus, who is famous on social media for his jokes and often dark, ironic takes on cryptocurrencies and the crypto market in general, commented this time on the current Bitcoin decline and the whole market following it deep to the South. He published a picture of a sinking yacht, which says: “How’s your crypto going?” The answer to that is the yacht’s title, which ambitiously says: “No Worries.”

As for Dogecoin, it has followed the Bitcoin price trajectory lately – from July 1 until July 5, it lost almost 28%, plunging from $0.12693 to $0.09185. Then, a 20% recovery happened, followed by an 11.4% loss in the last 24 hours. So far today, the largest meme cryptocurrency has seen a marginal rise, comprising 3.64%, and DOGE is trading at $0.10428 as of this writing.

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Markus's take on cryptocurrency investing and trading

Markus is known for his tweets, in which he criticizes crypto trading as gambling since he does not believe that cryptocurrency price movements can be in any way predicted in advance. A few times, he likened crypto investing to a mental disease, as well as investing in NFTs.

Last week, he also stated that Bitcoin, perhaps, offers financial freedom, as Bitcoin maximalists insist, but this freedom shrinks once the BTC price begins to plummet. That post came out slightly before U.S. Independence Day last week.

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