Dogecoin Founder Issues Crucial Statement on Bleeding Cryptocurrency Market

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Billy Markus, who created the original meme cryptocurrency Dogecoin with Jackson Palmer in 2013, commented on his X account (previously popular worldwide as Twitter) about the huge drop the cryptocurrency market is currently experiencing.

Bitcoin price plummets, dragging cryptocurrency market down

In the past 24 hours, the world’s leading cryptocurrency, Bitcoin, has seen a drop of 5.81%, but has partially recovered today with a price increase of 1.55%. 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 saw a price drop of over 15% dropping from the $63,600 zone to $53,900. After this sharp drop, Bitcoin tried to recoup its losses and surged 8.3% to the $58,370 level before the aforementioned 24-hour crash occurred.

Marcus, who is known for his jokes and sarcastic comments on social media about cryptocurrencies and the crypto market in general, has now commented on Bitcoin’s decline and the market as a whole that has followed suit. He shared a photo of a sinking yacht and commented, “How’s your crypto doing?” The answer is that the yacht has the caption motivatingly written, “Don’t worry.”

As for Dogecoin, it has been following the trajectory of Bitcoin’s price recently. From July 1 to July 5, it fell almost 28%, plummeting from $0.12693 to $0.09185. It then saw a 20% recovery, but then a further 11.4% drop in the past 24 hours. As of today, the largest meme cryptocurrency has seen a slight upswing of 3.64%, with DOGE trading at $0.10428 at the time of writing.

Markus’s thoughts on cryptocurrency investing and trading

Marcus believes that cryptocurrency price fluctuations cannot be predicted in advance and is known for his tweets criticizing cryptocurrency trading as gambling. He has also on several occasions likened investing in cryptocurrencies and NFTs to mental illness.

Last week, he also said that while Bitcoin may indeed offer financial freedom, as Bitcoin maximalists claim, this freedom will shrink if the price of BTC starts to plummet. The post was published shortly before the US Independence Day last week.

About the Author

Yuri Molchan

Yuri is interested in technology and innovation. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to change the world in many ways in the future. He has contributed articles to multiple crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, and Max Keiser.

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