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Dogecoin Founder Makes Crucial Statement About Struggling Crypto Market
Yuri Molchan
Billy Markus, co-creator of Dogecoin, commented on the current decline of the cryptocurrency market
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Billy Markuswho created the original meme cryptocurrency Dogecoin alongside Jackson Palmer in 2013, used his formerly world-famous Twitter account X to comment on the steep decline the cryptocurrency market is currently experiencing.
Bitcoin Price Crashes, Pushing Cryptocurrency Market Down
Over the past 24 hours, the world’s leading cryptocurrency, Bitcoin, has shown a 5.81% decline, which has been partially remedied today with a 1.55% increase in price. At the time of writing, Bitcoin is trading at $55,860 on the Bitstamp exchange.
Overall, between July 1 and July 5 last week, Bitcoin lost more than 15% of its price, falling from the $63,600 area to $53,900. This crash was followed by an attempt to recover the losses, with Bitcoin managing to gain 8.3% on its way back to the $58,370 level. After that, the aforementioned 24-hour crash occurred.
Markus, known on social media for his jokes and often dark and ironic views on cryptocurrencies and the cryptocurrency market in general, this time commented on the current decline of Bitcoin and the entire market that follows it in the Deep South. He posted a photo of a sinking yacht, which says: “How are your cryptos doing?” The answer to this question is the title of the yacht, which ambitiously says: “No problem.”
As for Dogecoin, it has been following the price trajectory of Bitcoin lately: from July 1st to July 5th, it lost nearly 28%, falling from $0.12693 to $0.09185. Then, there was a 20% recovery, followed by an 11.4% loss in the last 24 hours. So far today, the largest meme cryptocurrency has seen a marginal increase, comprising 3.64%, and DOGE is trading at $0.10428 at the time of writing.
Markus’s View on Cryptocurrency Investing and Trading
Markus is known for his tweets criticizing cryptocurrency trading as gambling, as he does not believe that cryptocurrency price movements can be predicted in any way in advance. On some occasions, he has compared cryptocurrency investments to a mental illness, as well as investments in NFTs.
Last week he also argued that Bitcoin may offer financial freedom, as Bitcoin maximalists claim, but that this freedom is reduced when the price of BTC begins to collapse. That post is out shortly before US Independence Day last week.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in the future in many ways. He has written for several media outlets about cryptocurrencies. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.