Billy Markus, one of the founders of Dogecoin, recently shared his thoughts on the significant price drop affecting Bitcoin, Ethereum, and Dogecoin, among other cryptocurrencies, within the last 24 hours. Known in the crypto space as Shibetoshi Nakamoto, Markus approached this crypto market downturn with his signature humor and sarcasm.
On social media, Markus highlighted the dismal situation by noting how the prices have plummeted, sharing a chart that illustrated the slide of the top three cryptocurrencies he mentioned—Bitcoin, Ethereum, and his own creation, Dogecoin. His post, featuring the words “SO GLAD I QUIT MY JOB,” showcased his playful yet ironic take on the chaotic market landscape.
As the prices crashed, Bitcoin dipped below $98,000, marking a decline to $96,076 per coin in just a few short hours. This represented a 6.45% decrease from its previous level of $102,000. On a sharper note, Dogecoin faced an even steeper fall, down nearly 17% from $0.36668 to $0.30491. Ethereum wasn’t spared either, as it dropped 11.2%, settling from $3,711 to $3,301 during this turbulent period.
The broader crypto market has seen a staggering $1.2 billion erased amid this sell-off, with the majority of the losses attributed to liquidations of long positions. These liquidations, totaling $1.07 billion, were spurred by comments from Fed Reserve Chairman Jerome Powell, which indicated a more conservative approach to interest rate cuts than many anticipated. Instead of the expected 100 basis points, the central bank is leaning towards a mere 25 basis point easing.
In the mix of this turmoil, the acronym WAGMI—short for “we’re all gonna make it”—emerged in the comments on Markus’s post. This phrase is often used to infuse positivity during challenging times, whether in crypto or everyday life. Markus, known for his irony, didn’t miss the chance to respond with an animated GIF, conveying his agreement with this optimistic sentiment, albeit in a tongue-in-cheek way.
As we witness the cryptocurrency market experience such fluctuations, it serves as a reminder that humor and resilience can often coexist with significant market movements.
