Dogecoin Founder Comments on Recent Bitcoin Crash, Hold Tight

Billy Markus, known on the X/Twitter platform under the name “Shibetoshi Nakamoto,” is the software engineer who created the original meme cryptocurrency Dogecoin in collaboration with Jackson Palmer in 2013.

Both Markus and Palmer quit their hobby project, DOGE, almost immediately after launch, but Markus remains an active X/Twitter user and often shares his take on the curves crypto prices demonstrate. This time, Markus commented on the Bitcoin price fall, posting a meme from the Star Wars II movie.

DOGE cofounder comments on Bitcoin crash

Markus published a meme, in which “Bitcoin warns” about its intention to crash on April Fool’s day as a "hilarious joke" but with no intention to recover from it.

pic.twitter.com/0NV4r4Cu2d

— Shibetoshi Nakamoto (@BillyM2k) April 1, 2024

The world’s pioneer cryptocurrency, Bitcoin, has astounded the cryptocurrency community by plummeting 7.33% today and losing several thousand U.S. dollars in value within a few hours, as it fell from $69,700 to $64,700.

On April 1, Grayscale ETF faced outflows of more than $302 million. On top of that, the odds of the Federal Reserve cutting down interest rates seem to be getting lower. These are the likely drivers that pushed Bitcoin down so far almost instantly today. After these factors were spotted, the cryptocurrency market spotted a whopping $500 million worth of crypto liquidations, according to data provided by CoinGlass. The single biggest liquidation amounted to the equivalent of nearly $8 million in crypto.

Overall, according to Markus’s earlier tweets, he does not believe that cryptocurrency price movements can be predicted - those of Bitcoin in particular. His view is that crypto is mostly speculative assets, and holding it for a long time is not a mentally healthy pastime.