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DOGE Founder Reacts to Bitcoin Price Plunge

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Dogecoin Price Analysis: DOGE Stalls While Meme Coin Rivals Shine; Here’s Why

The co-founder of the meme-inspired cryptocurrency Dogecoin, expressed his thoughts on Bitcoin’s recent price slump on social media. Bitcoin dipped below the $60,000 mark once again, prompting a frustrated (yet potentially playful) reaction from Billy Markus.

DOGE’s Shibetoshi Nakamoto Speaks

Markus, known by his online alias “Shibetoshi Nakamoto” on the X platform (formerly Twitter), is famous for his lighthearted and often ironic takes on the cryptocurrency market. This time, he responded to Bitcoin’s fall with a succinct yet impactful message: “Bitcoin dammit.”

Bitcoin Tumbles to Two-Month Low

The leading cryptocurrency has shed over 8% since Monday, crashing from $63,630 to its current price point around $58,500. This decline marks a two-month low for Bitcoin, according to on-chain data analysis from Santiment.

Buying the Dip Turns Sour

Read More: Dogecoin on The Brink: To Comeback or Plummet?

Many traders saw the price dip near $60,000 as a buying opportunity. However, this optimism proved short-lived. Santiment reports a surge in aggressive long position liquidations as Bitcoin continued its downward trajectory. This trend extends to other major altcoins like Ethereum and Solana.

Markus: A History of Crypto Irony

Those familiar with Markus’s online presence understand his penchant for sarcastic humor. Past tweets suggest his frustration might be laced with a touch of irony. He has repeatedly expressed skepticism about anyone’s ability to definitively predict cryptocurrency market movements.

Throwing Money in the Fire?

Further emphasizing the inherent volatility of the crypto market, Markus has previously compared investing in digital assets to throwing money “directly into a raging fire.” This cynical analogy highlights the need for investors to have a strong tolerance for risk.

A Doge with a Bitcoin Preference?

Despite his playful demeanor, Markus does hold a small amount of Bitcoin (around 0.006 BTC). Interestingly, he recently weighed in on a debate about owning one Dogecoin versus one whole Bitcoin. In a surprising turn for the DOGE community, Markus stated a preference for owning one BTC, suggesting a nuanced view of the cryptocurrency landscape.

DOGE Founder’s Verdict: Frustration or Insight?

Whether Markus’s reaction signifies genuine frustration or simply reflects his trademark ironic commentary remains open to interpretation. However, the recent Bitcoin price slump underscores the ever-present volatility within the cryptocurrency market. Investors, both seasoned and new, should approach this space with caution and a clear understanding of the inherent risks involved.

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