The cryptocurrency market experienced a sharp downturn over the past 24 hours, with major digital assets including Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH) seeing significant price drops. Amid the turbulence, Billy Markus — one of the original co-creators of Dogecoin and widely known online as Shibetoshi Nakamoto — made a characteristically sarcastic social media post that quickly caught the attention of the crypto community.
Markus, who launched Dogecoin in 2013 as a lighthearted alternative to serious cryptocurrencies, has maintained a reputation for witty, ironic commentary on market swings. His latest reaction to the crash was no exception.
Market Plunge: BTC, DOGE, and ETH All in Red
Over the last day, investor sentiment turned bearish as macroeconomic signals from the U.S. Federal Reserve triggered a wave of sell-offs across digital assets.
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Bitcoin, the flagship cryptocurrency, dropped below $98,000 before extending losses to $96,076 — a decline of 6.45% from its recent peak near $102,000. While still trading at historically high levels compared to previous years, the sudden reversal unsettled many leveraged positions.
Even harder hit was Dogecoin, the meme coin that Markus helped bring to life. DOGE plunged nearly 17%, falling from $0.36668 to $0.30491. This sharp correction erased billions in market value and highlighted the volatility inherent in community-driven cryptocurrencies.
Meanwhile, Ethereum — the second-largest crypto by market cap — shed 11.2%, sliding from $3,711 to $3,301. The drop affected not only spot traders but also participants in decentralized finance (DeFi) and staking platforms tied to the Ethereum network.
Liquidation Crisis: $1.2 Billion Wiped Out
The broader crypto market saw more than $1.2 billion in liquidations** within a 24-hour window, according to on-chain analytics. Of that total, approximately **$1.07 billion came from long-position liquidations — positions betting on price increases.
This wave of forced exits was largely triggered by comments from Federal Reserve Chair Jerome Powell. In a recent speech, Powell indicated that the central bank plans to implement only a 25 basis point rate cut in its next easing cycle, far below the 100 basis point reduction many investors had hoped for.
Higher-for-longer interest rates tend to reduce risk appetite in financial markets, and cryptocurrencies — often viewed as high-risk assets — are especially vulnerable during such periods. As traditional markets reacted, crypto traders faced margin calls and automated sell-offs, amplifying the downward spiral.
"SO GLAD I QUIT MY JOB" – Markus’ Sarcastic Take
In response to the crash, Billy Markus took to X (formerly Twitter) with a screenshot of a price chart showing BTC, ETH, and DOGE all trending downward. Over it, he wrote in all caps:
“SO GLAD I QUIT MY JOB.”
The post is widely interpreted as satire — a nod to the emotional rollercoaster many crypto investors experience during volatile periods. It reflects both self-awareness and dry humor, traits that have defined Markus’ online persona for years.
Despite being one of Dogecoin’s creators, Markus has long distanced himself from active involvement in the project or its price movements. He previously sold his entire DOGE holdings and has repeatedly cautioned against treating meme coins as serious investments.
His alias, Shibetoshi Nakamoto, playfully combines “Shiba Inu” (the dog breed featured on Dogecoin’s logo) with “Satoshi Nakamoto,” the pseudonymous Bitcoin creator — further underscoring his tongue-in-cheek approach to crypto culture.
“WAGMI” – A Glimmer of Optimism?
In the comments section of his post, an X user responded with the popular crypto slang “WAGMI” — short for “We’re All Gonna Make It.” The phrase has become a rallying cry during downturns, symbolizing resilience and long-term belief in blockchain technology despite short-term pain.
Markus replied with an animated GIF seemingly endorsing the sentiment. However, given his history of irony, many interpret the gesture as half-serious — a blend of camaraderie and skepticism.
Still, “WAGMI” resonates deeply within the crypto community. It encapsulates the ethos of perseverance through cycles of boom and bust, reminding holders that volatility is part of the journey.
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Why This Crash Matters Beyond Price
While price movements grab headlines, this recent downturn offers valuable lessons:
- Macro factors matter: Cryptocurrencies are no longer isolated from traditional finance. Central bank policies, inflation data, and interest rate expectations now significantly influence market direction.
- Leverage amplifies risk: The $1.2 billion in liquidations shows how over-leveraged trading can turn a correction into a bloodbath. Risk management remains essential for sustainable participation.
- Meme coins remain volatile: Assets like Dogecoin continue to be driven more by sentiment and social trends than fundamentals, making them especially sensitive to broader market shifts.
- Community narratives shape behavior: Phrases like “WAGMI” may seem trivial, but they play a real role in maintaining confidence during stress periods — for better or worse.
Frequently Asked Questions (FAQ)
Q: Who is Billy Markus?
A: Billy Markus is a software engineer and one of the co-founders of Dogecoin, created in 2013 as a fun, community-driven cryptocurrency. He uses the pseudonym Shibetoshi Nakamoto online and is known for his ironic takes on crypto culture.
Q: What does “WAGMI” mean in crypto?
A: “WAGMI” stands for “We’re All Gonna Make It.” It’s a positive mantra used in online communities to encourage optimism during market downturns or personal challenges.
Q: Why did Bitcoin and other cryptos crash recently?
A: The crash followed remarks by Federal Reserve Chair Jerome Powell indicating smaller-than-expected interest rate cuts. This reduced investor optimism about liquidity injections, leading to broad sell-offs in risk assets like cryptocurrencies.
Q: How much was lost in crypto liquidations?
A: Over $1.2 billion in positions were liquidated within 24 hours, with over $1 billion coming from leveraged long bets on rising prices.
Q: Is Dogecoin still relevant in 2025?
A: Yes, Dogecoin maintains a strong community presence and is accepted by some merchants and platforms. However, its value remains highly speculative and sentiment-driven rather than based on technological innovation.
Q: Should I buy during a crypto crash?
A: Any investment decision should follow thorough research and risk assessment. While dips can present buying opportunities, they also carry uncertainty. Diversification and dollar-cost averaging are common strategies used by long-term investors.
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Final Thoughts
The recent crypto selloff serves as a reminder that even in mature markets, emotion and expectation drive prices as much as data. Billy Markus’ sarcastic “SO GLAD I QUIT MY JOB” post may be humorous on the surface, but beneath it lies a truth familiar to every trader: volatility is inevitable.
Whether you're holding Bitcoin, Dogecoin, or Ethereum, understanding macroeconomic triggers, managing leverage wisely, and maintaining emotional discipline are critical to surviving — and potentially thriving — through these cycles.
And while “WAGMI” might sound like wishful thinking today, history shows that those who navigate volatility with clarity often come out stronger on the other side.