Crypto Market Drops 4.87% as Dogecoin Falls Over 7%
Crypto Prices Slide – The cryptocurrency market faced a significant setback in the last 24 hours, losing over 4.87% in value and wiping out roughly $200 billion in market capitalization. The sudden decline has sparked discussions among investors and industry insiders about the causes behind the sell-off.
Dogecoin Creator Responds to Market Manipulation Claims
In the wake of the downturn, Dogecoin (DOGE) creator Billy Markus weighed in on social media platform X, addressing widespread claims that market drops are always the result of manipulation. Markus dismissed such claims as emotional reactions, noting the double standard often applied to price movements.
He commented, “Remember, all dumps are manipulation, and all pumps are super organic.” Markus highlighted that while traders often celebrate rapid price gains as natural, sudden drops are frequently blamed on so-called “whale manipulation.” According to Markus, both pumps and dumps can be influenced by market sentiment, geopolitical news, financial outlooks, and trader behavior, not solely manipulation.
Dogecoin Underperforms Amid Global Pressure
Amid the market turmoil, Dogecoin fell by nearly 9%, trading as low as $0.1368 before slightly recovering to $0.1381, representing a 7.36% decline in 24 hours. The meme coin’s trading volume surged by 136.66% to $1.44 billion as traders exited positions.
Dogecoin is currently underperforming Bitcoin, which dropped 4.85% to $86,832.84 over the same period. Broader market concerns, including China’s renewed anti-crypto stance and the anticipation of Federal Reserve Chairman Jerome Powell’s upcoming speech, are influencing investor behavior and adding pressure to the market.
Markus’ commentary underscores the complex nature of crypto volatility, reminding traders that short-term declines may not always indicate manipulation but could represent a market reset before potential rallies.
