Dogecoin Founder Shares Unexpected Reaction as Bitcoin Falls to $85,000

Dogecoin (DOGE) founder and creator of the biggest meme coin, Billy Markus — known as Shibetoshi Nakamoto on X — has laughed off Bitcoin’s plunge. In his usual sarcastic manner, Markus posted on his verified handle, “Tis the season to be jolly.”

Dogecoin creator mocks Bitcoin holiday slump

The expression references the yuletide period, when people are in looking forward to celebrating the Christmas and other holidays. Markus’s sarcasm is evident in the attached Bitcoin (BTC) chart, which shows Santa Claus riding on a sleigh down the flagship coin’s plunging price.

Although the sudden dip in Bitcoin’s price is not a jolly time nor something to cheer about, Markus characteristically makes light of the situation. 

Generally, big market swings often occur toward the end of the year. Thus, his post is likely to make light of the chaos that has greeted the Bitcoin space.

It is always difficult to read Markus due to his sarcasm. However, a positive side to his latest reaction to Bitcoin’s price dip could be that seasoned traders need not panic. The crypto market has witnessed worse market corrections and still came up stronger.

Some reactions to Markus’s post were also memes to make light of the “temporary setback” to the price of BTC. One user observed that it is beginning to look like “Criesmas,” an obvious play on words to show disappointment with the price outlook.

Many traders were anticipating a surge toward $100,000, but Bitcoin suffered a setback. As of press time, Bitcoin is changing hands at $86,251.48, which represents a 4.01% decline in the last 24 hours.

The coin plunged earlier from an intraday peak of $89,982.65 to a low of $85,304.08 before a slight recovery.

When Bitcoin breached the critical $87,200 support, coupled with massive outflows on the exchange-traded fund (ETF) market, it triggered widespread selling.

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Analysts warn of deeper pullback despite institutional buying

While Bitcoin has traded between $85,000 and $95,000 within the last 30 days, crypto analyst Ali Martinez has cautioned that the coin could witness further slips. In his analysis, if a bearish scenario plays out, the leading crypto could slip to $76,000.

A lot of the coin’s movement might depend on broader financial market events and how the general economy responds to central bank policies.

Despite the fluctuation in price over the last month, Strategy has doubled down on its accumulation. The firm’s recent buy occurred on Dec. 15, with an additional 10,645 BTC added to take its total holdings to 671,268 BTC.