Dogecoin founder Billy Markus has given his take on the recent crypto crash affecting multiple cryptocurrencies, including Dogecoin. Taking to X to issue a statement, Markus said, “Crypto sure is awesome if you enjoy poor mental health.”
After a recent surge that saw Bitcoin (BTC) hit a new all-time high (ATH) of $73,835, the cryptocurrency market started a downtrend at the end of last week. After riding a bullish high for a month and change, investors’ pupils dilated as they saw many coins go into the red. Hence why, Markus, known as Shibetoshi Nakamoto on social media, says that the high of investing in crypto can also come when you experience the lows.
Tuesday’s data from CoinGlass reveals that there have been $637.31 million in liquidations during the last 24 hours. Notably, $526.49 million of these were in long liquidations, while $110.82 million were in short liquidations. Hence, this data reveals just how sudden the market downturn was, as many holders didn’t expect such a sharp crypto crash.
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The drop has been led by Bitcoin (BTC), which has fallen 7% in the last 24 hours. Many attribute Bitcoin’s surge in March as the catalyst for the overall market jump. BTC’s fall goes hand in hand with the market seeing red in the last week.
Markus mentioned on X in the past that he does not consider cryptocurrencies long-term investment assets. Last week, the Dogecoin founder shared another comment questioning the sanity of crypto holders. With how sensitive the market can be and the many ups and downs to come, Markus feels that you need a strong mind to enjoy the crypto market.
