Dogecoin (DOGE) Founder Comments on Crypto Market Crash

Cover image via U.Today

Billy Markus, known on social media as Shibetoshi Nakamoto, created the iconic meme-themed cryptocurrency Dogecoin in 2013 as a parody on Bitcoin, in collaboration with Jackson Palmer. Since then, both have stepped down from the project, leaving it in the hands of the Dogecoin Foundation.

Dogecoin creator reacts to Bitcoin and crypto crash

Over time, Markus has become a cryptocurrency influencer with a vast audience of more than 2 million on Twitter, and he often publishes memes or shares his take on major events in the political, financial spheres of life, and also in the cryptocurrency space.

As altcoins began falling following the two largest cryptocurrencies, Bitcoin and Ethereum, the Dogecoin co-founder tweeted: “Man crypto sure does suck.” Markus is known for his skepticism towards crypto trading, often likening it to gambling.

Markus’s tweet came out right when the Bitcoin price collapsed overnight, caused by several major developments in the crypto space.

man crypto sure does suck— Shibetoshi Nakamoto (@BillyM2k) April 30, 2024

Crypto market goes down following Bitcoin 10% crash

Over the past 24 hours, the world’s primary cryptocurrency, Bitcoin, has lost almost 10.3%, falling from the $64,600 zone to the $57,650 area, where it is changing hands at the time of writing this article.

Following Bitcoin, the second-largest cryptocurrency by market capitalization value, Ethereum, has plunged by more than 11%. It is trading at $2,874 after losing the $3,243 level on Tuesday.

Dogecoin has fallen by nearly 15% as it plunged from $0.1458 to the $0.1242 level, where it is sitting now.

Among the major reasons for the plunge is believed to be the Binance founder CZ getting sentenced to four months in prison for violating the Bank Secrecy Act (BSA) and on charges of money laundering on Binance. Besides, the jobs report came out worse than expected, and the Bitcoin-Ethereum ETFs in Hong Kong failed to meet the expectations of traders as the former were expected to surpass the spot Bitcoin ETFs in the US on their first trading day.

In reality, the Hong Kong ETFs managed to score $12.4 million in trading and $141 million in inflows into Bitcoin and partly into Ethereum. When the US spot ETFs launched, their figures surpassed those massively with $740 million in assets and $4.6 billion in trading volume.