Is the Dogecoin Founder correct about the current Market Crash?

Paigambar Mohan Raj
Source: Coindesk

The crypto market has once again headed into the reds. While investors are surely in a state of worry, Dogecoin (DOGE) founder, Billy Markus, took to Twitter to share his thoughts on the market’s current predicament. 

According to Markus, the current downturn of the market is, firstly, due to the fact that investors are filing their taxes. And the IRS only accepts fiat currency for the same. 

The second reason for the current situation, Markus says, is not known. It is important to note that these are all speculative reasons.

Markus had also Tweeted yesterday about what makes Bitcoin, and other cryptocurrencies like his very own Dogecoin (DOGE), speculative instruments is the fact that they do not have any intrinsic value as such. Although this can be debated, many share this belief. 

Bitcoin and other cryptocurrencies do have the intrinsic value of utility, the fact that they are not backed by anything physical is a reason for doubt. Markus says that the lack of any intrinsic value allows for people to create uncertainty, which leads to the markets heading down. 

Markus went on to tweet about why he likes NFTs (Non-Fungible Tokens). He says that for years nobody did much with crypto, apart from playing the pump and dump game. However, NFTs were the first time there was some use for the same. 

Although he does admit that there are issues with the NFT space as well, however, it is basically people creating and trading digital collectibles with pointers on blockchains. This Markus believes gives it some value, if not none. 

The current market situation has been quite a rollercoaster ride down. Tokens like Solana, PolkaDot, Cardano, Ripple, and Dogecoin have taken the brunt of the damage. The indexes have hammered ADA, XRP, and DOGE, and they are unlikely to recover their earlier levels anytime soon.

At the time of publication, Dogecoin (DOGE) was trading at $0.139259.

The majority of big coins are trading sideways, putting investors’ patience to the test. Furthermore, there is no sign of a bull run on the horizon, implying that a breach of the prior ATH is doubtful.