Dogecoin Cofounder Sends Epic Message to Bitcoin

Cover image via U.Today

As the cryptocurrency market experiences price fluctuations, Bitcoin (BTC) remains volatile. BTC hovers around $66,000 after briefly reaching $69,300 over the weekend.

Regarding this correction, Dogecoin co-founder Billy Markus, known as Shibetoshi Nakamoto on Twitter, sent a message to Bitcoin:

"Dear Bitcoin, I recommend that instead of going down, you go up. Love, Billy," the message reads.

Nakamoto's letter intrigues traders amid market disappointment. October, known as "Uptober," was expected to bring upward price movements, and some analysts anticipated Bitcoin surpassing its all-time high of $73,750. However, so far, Bitcoin has underperformed.

Nakamoto's letter may stem from the ripple effect Bitcoin has on altcoins, with its price surges positively impacting other crypto assets.

As of writing, Bitcoin has dropped by 1.03%, trading at $66,756.41. Despite expectations for a rebound, traders exercise caution. Market volume has declined by 24.18% to $27.19 billion.

Dogecoin's volatility has led long traders to exercise caution amid the bearish trend. Market analysis shows that approximately 32 million DOGE, worth $3.88 million, belonging to long traders, were liquidated in 24 hours.

Markus's letter to Bitcoin could be a plea for a bullish season in the broader cryptocurrency market.