Bitcoin drops to $85,000, Dogecoin founder shares unexpected reaction

Billy Markus, the founder of Dogecoin (DOGE) and creator of the largest meme coin network, known online as Shibetoshi Nakamoto on Xbox Live, laughed off bitcoin’s plunge. In his usual sarcastic tone, Markus wrote on his verified account: posted “It’s the season of joy.”

Dogecoin Founder Mocks Bitcoin’s Holiday Slump

This comment refers to the period around Christmas, when people are eagerly anticipating the holiday and other festivities. Markus’s sarcasm is evident in the attached bitcoin (BTC) price chart, which shows Santa Claus riding a sleigh down the steep drop in bitcoin’s price.

Although the sudden drop in bitcoin’s price is neither a happy nor a celebratory event, Markus has always taken such matters lightly.

Typically, significant market volatility tends to occur at the end of the year. Therefore, his post is likely a tongue-in-cheek take on the current turmoil in the bitcoin space.

Since Markus always speaks with sarcasm, it’s hard to read into his words. However, his recent reaction to bitcoin’s price drop may also have a positive side: experienced traders need not panic. The cryptocurrency market has endured even more severe corrections, but has ultimately recovered.

Some netizens also commented on Markus’s post, using memes to poke fun at bitcoin’s “temporary dip.” One user commented that it’s starting to look more like “Criesmas” (a play on “Christmas”), clearly using a pun to express disappointment in the price outlook.

Many traders had expected bitcoin’s price to soar to $100,000, but bitcoin has faced setbacks. At the time of writing, bitcoin’s price is… change at $86,251.48 (UTC+8), down 4.01% in the past 24 hours.

The coin’s early session price plunged from an intraday high of $89,982.65 (UTC+8) to a low of $85,304.08 (UTC+8), before slightly rebounding.

When bitcoin fell below the key $87,200 (UTC+8) support level, coupled with significant outflows from the exchange-traded fund (ETF) market, it triggered widespread selling.

Analysts Warn of Further Corrections Despite Institutional Buying

Over the past 30 days, bitcoin’s price has fluctuated between $85,000 (UTC+8) and $95,000 (UTC+8), but cryptocurrency analyst Ali Martinez warns that bitcoin’s price could fall further. In his analysis, if a bearish scenario unfolds, mainstream cryptocurrencies could drop to $76,000.

The coin’s performance will likely depend heavily on broader financial market events and the overall economy’s response to central bank policies.

Despite price fluctuations over the past month, strategy the company has doubled down on its bitcoin holdings. The most recent increase occurred on December 15 (UTC+8), with an additional 10,645 bitcoins purchased, bringing its total holdings to 671,268 bitcoins.