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On Thursday, the crypto market took another turn in this infamous roller coaster ride, as the Bitcoin price – the market benchmark and leading asset – broke through the coveted $100,000 psychological barrier with little hesitation, bringing the overall decline over the past three days to 10%.
For an asset of $2 trillion, this is a write-off of more than $200 billion from its market capitalization, and the week has only just begun.
Social media timelines and feeds dedicated to crypto were quick to react, of course, but the prize for the most eloquent and laconic. comment of course it goes to Creator of Dogecoin Billy Markus, better known online as Shibetoshi Nakamoto.
In just three words, Markus was able to encapsulate all the pain of the recent collapse, which, according to Coinglass, resulted in $1.1 billion in liquidated positions in 24 hours.
What is happening to Dogecoin now?
As for his own creation, Dogecoin – the popular cryptocurrency with a market capitalization of $24.4 billion and currently the ninth largest – its price fell by 8.56% in the last day. Overall, since the beginning of October, the DOGE price has lost 33% of its value, falling well below $0.20 per coin.
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Markus tried to find an explanation in the recent reopening of the US government after the longest shutdown ever, urging it to shut down again. However, whether it is a legitimate trigger for the brutal decline in the crypto market in recent weeks is doubtful.
