Dogecoin (DOGE) Founder Comments on Crypto Market Crash

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As a researcher and someone who has followed the cryptocurrency space closely for several years, I’ve witnessed firsthand the volatility of this market. Billy Markus, also known as Shibetoshi Nakamoto, is a well-known figure in the crypto community, having co-created Dogecoin as a parody on Bitcoin back in 2013. His skepticism towards crypto trading is no secret, often comparing it to gambling.

Billy Markus, also known online as Shibetoshi Nakamoto, teamed up with Jackson Palmer in 2013 to develop Dogecoin as a playful take on Bitcoin, using a popular meme as its symbol. Since then, they have relinquished control of the project, which is now managed by the Dogecoin Foundation.

Dogecoin creator reacts to Bitcoin and crypto crash

Markus has gradually amassed a significant following of over 2 million people on platform X, making him a prominent figure in the world of cryptocurrencies. He frequently posts memes and expresses his perspectives on major happenings in finance, politics, and the crypto market.

When cryptocurrencies other than Bitcoin and Ethereum started experiencing price drops, Dogecoin’s co-founder expressed his displeasure on Twitter: “Crypto really takes the wind out of one’s sails sometimes.” Markus is recognized for his critical stance on crypto trading, frequently comparing it to engaging in games of chance.

As a researcher observing the cryptocurrency market, I noticed that Markus posted his tweet concurrently with the sudden drop in Bitcoin’s price. Several significant events unfolded within the crypto sphere, leading to this unexpected collapse.

man crypto sure does suck

— Shibetoshi Nakamoto (@BillyM2k) April 30, 2024

Crypto market goes down following Bitcoin 10% crash

In the last 24 hours, Bitcoin, the leading cryptocurrency globally, has experienced a significant decline of around 10.3%. Its value has dropped from approximately $64,600 to the current trading price of $57,650.

After Bitcoin’s significant drop, Ethereum, the second largest cryptocurrency in terms of market capitalization value, has declined by over 11%. Currently, its price stands at $2,874, falling below the $3,243 mark reached on Tuesday.

Dogecoin experienced a significant drop, decreasing by approximately 15%. Its value went from $0.1458 down to $0.1242, where it currently rests.

The primary causes for the recent downturn are thought to include the sentencing of Binance founder CZ to a four-month prison term for Bank Secrecy Act (BSA) violations and money laundering allegations, as well as a disappointing jobs report and underperforming Bitcoin-Ethereum ETFs in Hong Kong. The latter were anticipated to surpass US spot Bitcoin ETFs in trading volume on their debut day.

In the real world, Hong Kong-listed Bitcoin and Ethereum ETFs generated a trading income of $12.4 million and attracted inflows totaling $141 million. However, upon the launch of US spot ETFs, their assets swelled to an impressive $740 million, while their trading volume reached a substantial $4.6 billion.

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2024-05-01 11:51