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Dogecoin (DOGE) founder Billy Markus, known as Shibetoshi Nakamoto on X, has commented on the current state of the crypto market. On Tuesday, the broader crypto market turned green, with total market capitalization reaching $2.52 trillion.
Dogecoin founder optimistic about crypto market potential
In an X post, the Dogecoin founder wrote "short-term pain, long-term gain."
Tomiwabold OlajideHe added a humorous meme depicting the market's optimism. His comments suggest that crypto investors who have suffered losses during the recent market downtrend stand to achieve long-term success. Nakamoto is optimistic about the crypto market's long-term potential.
His recent statement on X received mixed sentiment from crypto market participants. One set claims the market only wanted a break after hitting historical highs. Therefore, they believe price volatility will cease when the market shifts to green, leading to digital assets setting new records.
On the other hand, others think it is too early to celebrate. They even anticipate long-term pain for crypto investors.
Crypto market sees improvement
Per data from CoinMarketCap, the total crypto market saw a 1.38% rally over the previous day. Top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, Solana and Binance Coin (BNB) are currently in the green.
These cryptocurrencies have increased by 1.2%, 0.9%, 0.6%, 0.5% and 0.49%, respectively.
Yuri MolchanTop meme coin DOGE has also benefited from the rally. The coin is up over 3.5% over the last 24 hours. However, the trading volume plunged by 37.4%, indicating reduced market activity.
Although quite small, the broader market rally is still substantial. This is because the market bled profusely on Monday. The Dogecoin founder made a humorous post on X that pointed to the cyclical nature of the market. The DOGE ecosystem even saw 300 million tokens moved from an unknown wallet to Binance, compounding fears of a sell-off.
Vladislav Sopov
Dan Burgin