Billy Markus, cofounder of the iconic meme cryptocurrency Dogecoin, known under the pseudonym Sibetoshi Nakamoto, has shared his take on the nature of crypto markets and why they keep dropping, leaving investors and traders frustrated.

Crypto market crashes following Bitcoin plunge

As October kicked off, the cryptocurrency market has faced a drastic decline due to the notable Bitcoin price fall. From Sept. 29 until Oct. 3, Bitcoin has lost almost 9%, falling from the $66,000 peak and dropping below the $60,000 level.

Over the past 24 hours, Bitcoin has managed to pare some of its recent bleeding and gained 2.26%, after which it faced an immediate loss again. At the time of this writing, BTC is changing hands at $61,265.

This dramatic decline has been triggered by the no-less-dramatic geopolitical developments in the Middle East. As a result, many investors began to exit Bitcoin, the S&P 500 and other leading stock market assets, buying into gold, which was considered the primary safe haven asset before BTC entered the scene.

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"Crypto is like really hot girl": Shibetoshi Nakamoto

Markus, who is considered an influential figure in the crypto community, shared his reason for the current plunge of the market.

His tweet about this carries a shade of dark irony. He likened crypto to “a really hot girl who gives you attention for a bit and you gaslight yourself thinking just maybe you might have a chance.” However, he adds, “but then she drops you and starts dating a rich guy.”

crypto is like a really hot girl who gives you attention for a bit and you gaslight yourself thinking just maybe you might have a chance but then she drops you and starts dating a rich guy

— Shibetoshi Nakamoto (@BillyM2k) October 3, 2024

Markus reveals his epic BTC, DOGE, LTC sale

Earlier this week, the Dogecoin founder also revealed that he has hardly any crypto left after he had sold nearly all his stash, consisting of various coins, to buy a Honda Civic. Markus tweeted that in 2015, he sold 50 BTC, 440 LTC, and 6 million DOGE.

Currently, 50 Bitcoins are worth $3,069,865. Four hundred forty (440) LTC are now valued at $30,118, and six million Dogecoin is the equivalent of $646,013, which makes it nearly $4 million in total. At the start of the year, Markus tweeted that his current Bitcoin holdings consist of 0.009 BTC and a tiny bit of Dogecoin. A few years ago, he also tweeted that he had to sell some his ETH at a loss in order to pay taxes.