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The creator of Dogecoin (DOGE) reveals the secret to surviving the cryptocurrency bloodbath
Gamza Khanzadaev
Investing in cryptocurrencies is made simple with this tip from Dogecoin creator Shibetoshi Nakamoto
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Billy Markusalso known as Shibetoshi Nakamoto, co-creator and founder of Dogecoin (DOGE), recently shared his perspective on how to navigate the infamous cryptocurrency market turbulence.
In the context of the cryptocurrency market’s recent eight-day sell-off that has just stabilized, Markus advised viewing cryptocurrency investments as throwing money into a fire. This mentality, he suggests, makes market volatility more tolerable.
The recent market downturn, which had a significant impact on cryptocurrencies, appears to have stopped. The price of Bitcoin fell to $58,400, the lowest since early May. The TOTAL index showed a 6% decline in overall cryptocurrency market capitalization, translating into an outflow of $136 billion. Additionally, over $300 million worth of positions were liquidated within 24 hours.
Despite the humorous and sarcastic tone, the approach offered by Nakamoto could provide a valuable lesson for investors. His suggestion to treat cryptocurrency investments with a certain detachment can help investors manage their expectations and maintain composure during market fluctuations.
Markus’ remarks came at a critical time, when market sentiment was heavily influenced by fear. The sell-off had peaked in the negative news of Mount Gox, creating a climate of extreme caution among investors. However, after reaching relevant local lows, the subsequent rebound offered a glimmer of hope.
DOGE in USD by CoinMarketCap
Dogemoneta, like many other digital assets, has not been immune to the sell-off. Thus, the price of the most popular meme cryptocurrency fell by more than 8% to $0.113. Interestingly, however, the price of DOGE did not update the lows set on June 18, which could signal strong demand.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.