Dogecoin Founder Reacts to Crypto Market Crash – Unexpected Take

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Crypto Market Slumps: Insights from Billy Markus

Billy Markus, co-founder of Dogecoin and known as Sibetoshi Nakamoto, provides his perspective on the recent cryptocurrency market decline and its impact on investors.

Market Plunge Triggered by Bitcoin Fall

Since the start of October, the cryptocurrency market has witnessed a sharp decline due to a significant drop in Bitcoin's price. Bitcoin fell almost 9%, from a peak of $66,000 on September 29 to below $60,000 on October 3.

Over the past 24 hours, Bitcoin has recovered slightly with a 2.26% gain, only to face an immediate loss again. At the time of writing, BTC is trading at $61,265.

Geopolitical developments in the Middle East have contributed to this volatility, prompting investors to seek refuge in traditional safe-haven assets like gold.

Shibetoshi Nakamoto's Analogy

Markus, a respected figure in the crypto community, offers a humorous analogy for the market's current trajectory.

"Crypto is like a really hot girl who gives you attention for a bit and you gaslight yourself thinking just maybe you might have a chance. But then she drops you and starts dating a rich guy."

Markus' Epic Crypto Sale

Earlier this week, Markus revealed that he had sold almost all of his cryptocurrency holdings, including Bitcoin, Litecoin (LTC), and Dogecoin (DOGE), to purchase a Honda Civic. In 2015, Markus sold 50 BTC, 440 LTC, and 6 million DOGE, which would be worth nearly $4 million today.

Markus currently holds only 0.009 BTC and a small amount of Dogecoin. He has previously stated that he sold some of his Ethereum (ETH) at a loss to cover tax payments.