Dogecoin (DOGE) co-founder has one thing to say in regards to the bear market – U.At the moment

Arman Shirinyan

Every DOGE owner can refer to the ironic tweet by Billy Markus

The co-founder of one of the biggest memecoins out there shared a tongue-in-cheek tweet about the good that expanded markets will bring us, which is literally “nothing.” The statement is more than relevant given Dogecoin’s recent price action, which has been in an extended bear market for the past 466 days.

The extended bear market for Dogecoin started back in 2021 when the price of the most popular memecoin on the market hit $0.73 thanks to the support of Elon Musk and the bull run in the cryptocurrency market in general.

You know what’s cool about extended bear markets?

Nothing’

— Shibetoshi Nakamoto (@BillyM2k) September 17, 2022

Unfortunately, given the lack of use cases and fundamental value, Dogecoin’s price quickly collapsed after the market faced the first large-scale selling events from institutional investors and whales. Despite the occasional tweets and interviews where Elon Musk mentioned Dogecoin and said he’ll allow people to use it to pay for Teslas, Doge’s ongoing downturn isn’t over yet.

The latest attempt to exit the bear market was August 16, when DOGE’s price surged more than 30% in just a few days, taking the spotlight at the forefront of the cryptocurrency market.

To sue

At press time, Dogecoin is trading around $0.06 and in the ongoing consolidation range, which is a sign of low liquidity and volatility as investors are currently not interested in investing in risky assets like Dogecoin or Shiba Inu.


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