The cryptocurrency market experienced a brutal downturn, with $150 billion in digital assets vanishing in 24 hours. Billy Markus, co-creator of Dogecoin, offered a characteristically terse response to the carnage. Markus, who operates on X under the pseudonym ”Shibetoshi Nakamoto,” replied to a Polymarket post documenting the market collapse with a single word: ”Oh.” His laconic reaction reflects the sardonic commentary style that has made him a notable voice in crypto circles. The software developer co-founded Dogecoin with Jackson Palmer in 2013, creating what would become the most recognized meme coin. Bitcoin Crashes as Gold Hits Record High Bitcoin fell below $90,000 during the Tuesday selloff. The leading cryptocurrency had recently reclaimed the $96,000 level before geopolitical tensions in northern Europe triggered a market-wide retreat. Gold emerged as the primary beneficiary of crypto's struggles. The precious metal surged past $4,800 per ounce, establishing a new all-time high. The divergence between Bitcoin and gold highlighted a flight to traditional safe-haven assets. Crypto whales initiated massive selling pressure across multiple exchanges. Liquidations cascaded through leveraged positions as prices tumbled. The $150 billion figure represents both liquidations and market capitalization losses. Market data shows altcoins suffered even steeper declines than Bitcoin. Ethereum, Solana, and other major tokens posted double-digit percentage losses. Meme coins experienced particularly severe drops. Markus Maintains Distance from Crypto Industry Despite creating one of crypto's most enduring symbols, Markus holds minimal cryptocurrency investments. He has stated publicly that his holdings consist of less than one Bitcoin and a small amount of Dogecoin. His skepticism toward the broader crypto market is well-documented. Markus has expressed doubts about altcoins and particularly about the proliferation of new meme coins. His firsthand experience creating Dogecoin informs his critical perspective.
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