Founder of Dogecoin, Billy Markus, Tweets ‘This Is Fine’ Meme Following Crypto Crash.
After the global cryptocurrency market plunged dramatically on Monday, Billy Markus, the founder of cryptocurrency Dogecoin, tweeted the “this is ok” meme.
According to CoinMarketCap, a Bitcoin flash crash on Monday morning wiped out more than $200 million from the crypto market.
On Monday, Markus shared the meme with the words “looking at crypto charts.”
I’m taking a look at some cryptocurrency charts.
September 20, 2021 — Shibetoshi Nakamoto (@BillyM2k)
The “this is fine” meme, which features an anthropomorphic dog drinking tea while surrounded by flames, comes from the webcomic Gunshow, which was conceived and illustrated by K.C Green. It’s usually used in cases where a person is in denial or a strong reluctance to accept the scenario they’ve found themselves in, especially if the situation is dismal.
Bitcoin declined by 8% over the period of a few hours, falling below $44,000. Ethereum, a competitor cryptocurrency, sank by nearly 9% to around $3,000, while Dogecoin dropped by almost 13% before rising by 3% to $0.21.
El Salvador became the first country to adopt cryptocurrencies as legal tender earlier this month, prompting the drop. After being proposed by the president and passing by 62 votes out of a possible 84, Bitcoin was approved alongside the US Dollar in the country.
El Salvador’s president, Nayib Bukele, followed the lead of some other cryptocurrency speculators who profit from low coin values by tweeting, “We simply purchased the dip.” El Salvador’s Bitcoin holdings have climbed by 150 to 700 coins, he added.
We only recently purchased the dip.
There are 150 new coins!
El Salvador currently has 700 coins in his possession.
September 20, 2021 — Nayib Bukele (@nayibbukele)
The crypto market’s decline brings an end to a year that has been particularly exciting for Dogecoin. The cryptocurrency began as a curiosity among cryptocurrency speculators. The community intended to artificially raise Dogecoin’s price on April 20th, dubbed “Doge Day” to coincide with “Weed Day” or “4/20.”
A slew of high-profile backers, including SpaceX creator Elon Musk, backed the underdog cryptocurrency.
Following today’s drop, it is now the world’s tenth most valuable cryptocurrency, according to Coin Market Cap.
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