Dogecoin Founder Reflects on Crypto’s Unpredictable Nature

Join us on :

Billy Markus, co-creator of Dogecoin, took to his X account (formerly Twitter) to comment on the current cryptocurrency market decline. Over the past 24 hours, Bitcoin, the world’s flagship cryptocurrency, has dropped by 5.81%, partly recovering today with a 1.55% increase. At the time of writing, Bitcoin trades at $55,860 on the Bitstamp exchange. Between July 1 and July 5, Bitcoin lost over 15% of its value, falling from $63,600 to $53,900. Despite an 8.3% recovery to $58,370, Bitcoin experienced another 24-hour decline.

Markus’s Ironic Take

Known for his ironic and humorous social media posts, Markus commented on Bitcoin’s decline and the overall market downturn. He posted a picture of a sinking yacht with the caption, “How’s your crypto going?” The yacht’s name, “No Worries,” added to the irony.

it’s fine

it’s totally fine pic.twitter.com/E2wRsqMdEC
— Shibetoshi Nakamoto (@BillyM2k) July 8, 2024

Dogecoin followed Bitcoin’s trajectory, losing almost 28% from July 1 to July 5, plunging from $0.12693 to $0.09185. Despite a 20% recovery, Dogecoin faced an 11.4% loss in the last 24 hours. As of now, Dogecoin has seen a marginal rise of 3.64%, trading at $0.10428.

Markus’s Critique on Cryptocurrency Trading

Markus often criticizes cryptocurrency trading, likening it to gambling due to its unpredictable nature. He frequently compares crypto investing to a mental disease, extending this critique to NFTs as well. Last week, Markus acknowledged Bitcoin’s potential for financial freedom, as claimed by Bitcoin maximalists. However, he noted that this freedom diminishes when Bitcoin’s price plummets.

This statement was made shortly before US Independence Day last week. The recent fluctuations in Bitcoin and Dogecoin highlight the volatility of the cryptocurrency market. Markus’s comments reflect a skeptical and humorous perspective on the unpredictable nature of crypto trading.