DOGE Founder Reacts to Bitcoin, Dogecoin and Ethereum Sell-off

U.Today - Billy Markus, founder of Dogecoin (DOGE) known on social media as Shibetoshi Nakamoto, dropped a cryptic post on X. The post reflects his reaction to the rapid decline witnessed in the prices of Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH).

Dogecoin founder’s cryptic post amid market turmoilMarkus shared a snapshot of the price of these three assets with a short caption: "Day 3 of being happy that I quit my job."

The listed prices show a significant drop in BTC, DOGE and ETH. This reflects the huge bearish sentiment that has affected the coins. As a result of these sell-offs, Bitcoin ETFs have registered the largest outflows as the bears dominate the market.

Despite this massive decline, Markus's tone has a hint of humor, best described as sarcastic. Many consider the post to have a deeper meaning of preparing to take advantage of the decline in the price of the assets.

Markus could be preparing to buy the dip in anticipation of a price rebound, which is likely to result in profit-taking.

The Dogecoin founder’s post has elicited reactions from his followers and many users of the different coins. Some users believe the price drop is a great opportunity for investors to accumulate ahead of the next bull wave.

Bitcoin crossed the psychological price level of $100,000 for the first time and soared to over $108,200. Many investors were engaged in profit-taking, particularly early traders who purchased when BTC traded below $80,000.

Market dynamics and investors’ confidenceAs of this writing, BTC is exchanging hands for $93,726.91, down 8.15% in the last 24 hours. Bitcoin’s market capitalization, which flipped $2 trillion following the bullish wave, has now crashed to $1.85 trillion. However, Bitcoin’s market volume has soared by 24.19% to $119.02 billion.

DOGE’s price crashed by 20.49% to $0.289 within 24 hours. Dogecoin’s market volume has soared by 107.95% to $13.58 billion. Ethereum has also registered a surge in market volume by 47.64% to $75.88 billion, even with a notable price decline of 12.33% to $3,230.49.

Analysts say all three coins have continued to soar in market volume, signaling investors’ confidence in the assets. These investors might be positioning themselves for future market rebounds.

Source: Investing.com