As the crypto market faces significant selling pressure in the early Monday session, Dogecoin cofounder Billy Markus — better known by his X (formerly Twitter) handle, Shibetoshi Nakamoto — has broken his silence with a characteristically witty yet thought-provoking post.
In a tweet that caught the attention of the Dogecoin community and beyond, Markus shared an image, offering a humorous yet pointed take on the cyclical nature of the market.
— Shibetoshi Nakamoto (@BillyM2k) April 7, 2025
The image bore four captions: "Bear markets create strong memes," "Strong memes create bull markets," "Bull markets create bad memes" and "Bad memes create bear markets."
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Markus's post comes at a time when sentiment is near a low across the market, with most cryptocurrencies reeling from a wave of volatility. Rather than directly commenting on the crash, his meme-driven insight subtly hints at the self-reinforcing emotional loop that often defines bull and bear cycles in crypto.
Crypto market faces brutal sell-off
A crypto market sell-off turned severe in the European morning hours Monday, as Bitcoin penetrated the $75,000 threshold, increasing losses on major tokens by nearly 20%.
XRP and SOL led the collapse, each down more than 17% in the last 24 hours and breaching key support levels. Dogecoin was not spared, dropping 16% to $0.138.
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Tens of billions of dollars in market value were erased as the majority of cryptocurrencies fell in the hours leading up to the European Open, fueled by a wave of macroeconomic concerns and aggressive liquidations reaching $1.4 billion.
According to CoinGlass data, cryptocurrency derivatives traders suffered $1.4 billion in total liquidations. Long liquidations in cryptocurrency futures totaled more than $1.22 billion, as bullish traders faced significant losses. Short liquidations, on the other hand, saw $186 million.
Large-scale liquidations may imply market extremes, such as panic-selling or purchasing. A cascade of liquidations may foreshadow a price reversal on the horizon due to an overreaction of market sentiment.
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