Dogecoin Co-founder Expresses Disappointment Over Bitcoin's Plunge

Dogecoin Co-founder Expresses Disappointment Over Bitcoin's Plunge

Hiroshi Nakamura
2 min read

Dogecoin Co-Founder's Reaction to Bitcoin's Plunge

Dogecoin co-founder, Billy Markus, also known as Shibetoshi Nakamoto on social media, expressed his disappointment with Bitcoin's recent 3% drop below the $59,000 level in a tweet. Markus, known for his dark, ironic, and playful take on crypto investing, simply exclaimed "dammit bitcoin" on Twitter. Bitcoin has experienced an 8% loss since Monday, plummeting from $63,630 to around $58,500. According to a report by Santiment, Bitcoin has hit a two-month low, leading many traders to buy the dip and subsequently face aggressive liquidations. This trend is also impacting other major cryptocurrencies such as Ethereum and Solana. In the past, Markus has likened crypto investments to "throwing money directly into a raging fire" to navigate the market's volatility. Despite owning a small amount of Bitcoin, he recently indicated on social media his preference for owning one Bitcoin over one Dogecoin, surprising many in the DOGE community.

Key Takeaways

  • Dogecoin co-founder, Billy Markus, reacted to Bitcoin's 3% plunge below $59,000 with a cryptic tweet.
  • Bitcoin has incurred over an 8% loss since Monday, now trading around $58,500.
  • On-chain data reveals aggressive liquidation of long positions in Bitcoin, Ethereum, and Solana.
  • Billy Markus previously likened crypto investments to "throwing money into a raging fire."
  • Despite being a Dogecoin co-founder, Markus prefers owning Bitcoin over Dogecoin.


The sharp plunge of Bitcoin has not only impacted investors but also altcoins like Ethereum and Solana, exacerbated by aggressive liquidations. Markus's tweet mirrors the broader market sentiment, influencing investor behavior and possibly impacting enthusiasm for Dogecoin. In the short term, this volatility may discourage new investors, while in the long term, it could reinforce Bitcoin's dominance, reshaping altcoin dynamics. Financial instruments associated with these cryptocurrencies face immediate risk, and regulatory scrutiny might intensify.

Did You Know?

  • Dogecoin co-founder, Billy Markus (Shibetoshi Nakamoto): Billy Markus, also known as Shibetoshi Nakamoto on social media, co-founded Dogecoin, a cryptocurrency initially created as a joke based on a popular internet meme with a Shiba Inu dog. Despite its lighthearted origins, Dogecoin has gained substantial popularity and market value. Markus is recognized for his ironic and playful commentary on cryptocurrency investments, often reflecting a critical or humorous outlook on the volatile nature of crypto markets.
  • On-chain data and aggressive liquidations: On-chain data refers to information and metrics derived from the blockchain itself, offering insights into market trends, investor behavior, and the overall health of a cryptocurrency. Aggressive liquidations occur when the value of a cryptocurrency sharply declines, leading investors with leveraged positions to face automatic liquidation of their holdings to cover potential losses. This can result in a rapid and significant price drop as large volumes of assets are sold off to meet margin calls.
  • Viewing crypto investments as akin to "throwing money into a raging fire": This phrase, used by Billy Markus, metaphorically depicts the high-risk and volatile nature of cryptocurrency investments. It suggests that investing in cryptocurrencies can be comparable to gambling, where the potential for significant losses is as high as the potential for significant gains. This perspective underscores the need for caution and a clear understanding of the risks associated with such investments, particularly given the unpredictable and dramatic fluctuations in crypto market prices.

You May Also Like

This article is submitted by our user under the News Submission Rules and Guidelines. The cover photo is computer generated art for illustrative purposes only; not indicative of factual content. If you believe this article infringes upon copyright rights, please do not hesitate to report it by sending an email to us. Your vigilance and cooperation are invaluable in helping us maintain a respectful and legally compliant community.

Subscribe to our Newsletter

Get the latest in enterprise business and tech with exclusive peeks at our new offerings