“All Price Dumps Are Manipulation”: Dogecoin Founder Reacts to Crypto Crash

Billy Markus, the creator of Dogecoin, has directly addressed accusations of market manipulation that frequently emerge after cryptocurrency crashes. His recent sarcastic message on X comes at a pertinent time, as the market has experienced a significant loss of $200 billion in a single 24-hour period. This raises the question: who will be blamed for the downturn this time?

Dogecoin Creator Dismantles Conspiracy Rhetoric

Billy Markus chose an opportune moment to voice his perspective. As the cryptocurrency market navigates a period of volatility, the Dogecoin creator posted a pointed message on X, targeting investors who attribute price drops to manipulation while celebrating price increases as purely organic movements.

“remember, all dumps are manipulation, and all pumps are super organic“, he stated sarcastically.

This statement effectively encapsulates the prevalent double standard within the crypto space. When Bitcoin experiences a 10% surge, social media often erupts with enthusiastic exclamations. Conversely, when it falls by 5%, the same individuals are quick to accuse "whales" of manipulating the market.

Markus highlights a reality that many are reluctant to acknowledge. Price fluctuations are the result of a complex interplay of factors, including investor sentiment, geopolitical developments, macroeconomic data, and the activity of large wallet holders. Attributing every price drop to a deliberate conspiracy is a form of wishful thinking. The cryptocurrency market is still in its nascent stages and is inherently volatile; such swings are part of its nature.

This commentary arrives amidst significant events. China has reiterated its unfavorable stance toward cryptocurrencies, while American investors are anticipating remarks from Jerome Powell, the chairman of the Federal Reserve. These macroeconomic influences are exerting considerable pressure, far more than any supposed maneuvers by a small number of large investors.

DOGE in Turmoil Despite the Arrival of its ETF

Dogecoin is currently experiencing a paradoxical phase. The meme cryptocurrency has lost 7.36% of its value over a 24-hour period, trading at $0.1381. This decline, reaching a low of 9%, significantly exceeds Bitcoin's drop of 4.85%, which saw it trading at $86,832.

Trading volumes indicate widespread panic. They have surged by 136.66% to reach $1.44 billion. Traders are aggressively liquidating their holdings, fearing a more substantial correction. This flight demonstrates the psychological fragility of the market; as soon as the trend reverses, fear quickly takes hold.

However, a ray of hope is present. The NYSE has recently approved the Bitwise Dogecoin ETF, signaling its imminent launch. This ETF has the potential to attract institutional investment and contribute to price stabilization in the medium term. Nevertheless, for the time being, this positive development is insufficient to counteract the prevailing bearish sentiment affecting the entire sector.

Billy Markus's message extends beyond a simple sarcastic tweet. He is urging the cryptocurrency community to mature and to cease searching for imaginary scapegoats for every market fluctuation.

Cryptocurrencies remain volatile assets, susceptible to intense cycles of both gains and losses. Acknowledging this reality is the initial step toward adopting a more rational approach to crypto investing. As long as investors continue to conflate natural market corrections with conspiracies, the market will remain beholden to its own emotional responses.