Dogecoin (DOGE) Cofounder Reacts to Market Sell-off: Details

As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I can attest to the rollercoaster ride that is this market. The recent sell-off, while disheartening, is hardly surprising given the ever-changing tides of the global financial markets.


Despite a widespread market slump, Dogecoin‘s co-creator Billy Markus, often referred to as Shibetoshi Nakamoto online, has responded in his usual lighthearted fashion

On Wednesday, global semiconductor stocks experienced a decline due to a significant drop in Nvidia’s share price in the United States the previous day. Nvidia saw a 9.5% decrease on Tuesday, which erased approximately $300 billion from its market value and dragged down chip stocks concurrently. This marked the largest one-day reduction in market capitalization for any U.S. stock ever recorded

Lately, a significant fall occurred in various digital assets, affecting prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which suffered almost a 5% decrease. Polygon (MATIC) and Toncoin (TON) saw losses between 8% to 10%, while Dogecoin felt the impact of the market downturn too

can’t wait to lose more money today ᕕ( ᐛ )ᕗ

— Shibetoshi Nakamoto (@BillyM2k) September 4, 2024

In a tweet that seemed to reference the ongoing market downturn, Shibetoshi Nakamoto wrote: “Can’t wait to lose more money today.” This tongue-in-cheek comment reflects the sentiment of many investors during periods of market volatility. Markus’s ability to blend humor with the harsh realities of the market has always resonated with his followers, and this tweet was no exception.

Market sell-off

“Markets showed sluggishness on Tuesday following the release of ISM manufacturing index results in August, raising concern about the economy’s strength yet possibly increasing the chances that the Federal Reserve will reduce interest rates.”

On Wednesday, Bitcoin dipped to its lowest point in a month as it followed a general trend away from riskier investments due to economic uncertainties. This decline was mirrored by other significant cryptocurrencies as well

Based on information from CoinGlass, the total value of crypto market liquidations over the past 24 hours was approximately $178 million. Long positions taken by bullish traders resulted in around $132 million being liquidated, whereas short positions accounted for about $46 million in liquidations

At the time of writing, signs of rebound were emerging in the crypto market.

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2024-09-04 19:33