In the last 24 hours, the cryptocurrency market has suffered a setback, shedding over 4.87% in value and $200 billion in losses. The crypto crash has sparked reactions from players in the sector, with Dogecoin (DOGE) creator Billy Markus dropping a reaction post on X.
Crypto volatility: Market reset or manipulation?
Notably, reacting to the prevailing sentiments in some quarters that the crypto market crashed as a result of manipulation, Markus dismissed it as an emotional response. He mocked those who always believe that when the prices of crypto assets dip, it is the result of whale manipulation.
Some market participants are quick to blame large holders in the space for dumping their assets on the market to create selling pressure. They believe that these whales turn around to buy the token at a lower price, a move considered manipulation.
However, Markus exposed the error in such reasoning when he stated, “Remember, all dumps are manipulation, and all pumps are super organic.”
He emphasized that whenever there is a rapid gain in the price of assets, traders applaud it as natural. They consider the rise as an organic increase in price and not manipulation. Some even celebrate with comments such as, “We are going to the moon.”
The Dogecoin creator is highlighting an important fact in crypto trading. That is, on the crypto market, both pumps and dumps could be influenced by several factors. These include traders’ reactions to the financial market outlook, general sentiment, geopolitical news, whale action and sometimes real manipulations.
Markus exposed the double standard that has prevailed in the crypto market regarding dumps and pumps. He wants people to stop complaining and blaming every drop on market manipulations. It could be a normal market reset before a rally.
Dogecoin underperforms as crypto faces global pressure
In the midst of the crypto market losing nearly 5%, Dogecoin, the king of meme coins, fell by almost 9% to $0.1368.
As of press time, Dogecoin was changing hands at $0.1381, which represents a 7.36% decline within the last 24 hours.
Amid macro shocks on the market, Dogecoin’s trading volume has soared by 136.66% to $1.44 billion as traders exited their positions.
The meme coin is currently underperforming Bitcoin, to which it is correlated. Bitcoin has dropped by 4.85% to exchange hands at $86,832.84 within the same time frame.
Traders are monitoring the broader financial market as China renewed its anti-crypto stance and the U.S. looks forward to Federal Reserve Chairman Jerome Powell’s speech for a possible shift in direction.
Source: https://u.today/all-dumps-are-manipulation-dogecoin-founder-reacts-to-crypto-crash
