Dogecoin Founder Issues Major Statement on Crypto Bloodbath

Dogecoin (DOGE) founder Billy Markus, who goes by the name Shibetoshi Nakamoto on X (formerly Twitter), has reacted to the latest cryptocurrency market crash. After the most recent crypto rally, where Bitcoin (BTC) hit a new all-time high (ATH) of $73,835, the market started a downtrend by the end of last week.

However, Tuesday witnessed a substantial crash of the crypto market. Data from CoinGlass reveals that there have been $637.31 million in liquidations during the last 24 hours. Notably, $526.49 million of these were in long liquidations, while $110.82 million were in short liquidations, highlighting how the market was not even expecting this sudden crash.

In addition, Bitcoin, the leading cryptocurrency in terms of market capitalization, has witnessed a major price dip of 7.25% during the last 24 hours. Currently trading at $63,235, the BTC price seems to have lost its bullish momentum, and it appears that it has entered the much-anticipated pre-halving retracement period.

Dogecoin founder reacts to market crash

Commenting on this recent market crash, Dogecoin founder Billy Markus took a humorous jab at market participants. He ironically tweeted that he thinks crypto is "awesome." However, Markus added that one must experience "poor mental health" to deem it awesome. Markus, who created the popular meme coin, DOGE, with Jackson Palmer in 2013, has been clear on his stance on crypto.

He previously mentioned on X that he does not consider cryptocurrencies as long-term investment assets. Last week, the DOGE founder shared another comment questioning the sanity of crypto holders. He shared a video on the social media platform showing a person doing irrational things like jumping out of a window. Markus mentioned that this is exactly what it feels like to hold digital assets.