Billy Markus, the creator of Dogecoin (DOGE), also known as Shibetoshi Nakamoto on X (formerly Twitter), has responded to the most recent collapse in the cryptocurrency market. At the conclusion of last week, the market began a downward trend following the most recent cryptocurrency surge, during which Bitcoin (BTC) reached a new all-time high (ATH) of $73,835.
But Tuesday saw a significant collapse in the cryptocurrency market. There had been $637.31 million in liquidations in the last day, according to CoinGlass data. Interestingly, of these, $526.49 million were in long liquidations and $110.82 million were in short liquidations; this shows how unprepared the market was for this abrupt collapse.
Furthermore, during the course of the last day, the price of Bitcoin, the cryptocurrency with the largest market capitalization, has dropped significantly by 7.25%. The price of Bitcoin, which is currently trading at $63,235, looks to have lost its bullish momentum and to have entered the much anticipated pre-halving retracement period.
https://x.com/BillyM2k/status/1769963313918837183?s=20
Dogecoin founder reacts to market crash
Billy Markus, the creator of Dogecoin, made a lighthearted swipe at market players while discussing the latest market meltdown. Ironically, he tweeted that he found cryptocurrency to be “awesome.” Markus clarified, though, that one had to have “poor mental health” in order to consider it fantastic. Markus and Jackson Palmer co-founded the well-known joke currency DOGE in 2013, and they have been vocal about their views on cryptocurrencies.
He has stated on X in the past that he does not view cryptocurrencies as long-term investment vehicles. The DOGE inventor made another remark last week that called into doubt the rationality of cryptocurrency owners. On the social networking site, he posted a video of someone acting irrationally, like leaping out of a window. Markus said that holding digital assets feels precisely like this.
