What Happened: Billy Markus, who created Dogecoin DOGE/USD alongside Jackson Palmer in 2013, doesn’t appear to be surprised by the crypto market’s massive decline.
Markus took to Twitter to explain that the current situation was nothing but history repeating itself, given that crypto prices are “ruled by greed and FOMO.”
“After a while, people get bored, everything crashes, most crapcoins die, and there’s panic and blaming and a lot of boring stupidity,” he said.
“Historically, after a few years, people forget the madness and the cycle repeats again.”
According to him, the same scenario played out in both 2014 and 2018 when prices experienced a similar trajectory.
“It is historical data to put things in perspective. Who knows, maybe things will be different and another rally will come sooner for whatever reason. I sold in 2015. Crypto was “dead” in 2015. People are freaking out now after 2 months,” he said.
Read also: Diamond Hands? Famed Dogecoin Investor Says Not Selling Despite Losing Millionaire Status
Only yesterday, the Dogecoin creator bought the meme-based cryptocurrency he created for the first time in eight years, after vowing “to never buy crypto again.”
Sharing an update after 24-hours, Markus joked that he was having a hard time concentrating and was constantly looking at charts and his phone.
See Also: How To Buy Dogecoin (DOGE) or How to Short Dogecoin
“I’ve been down as much as 12%, but now up 15%... Anyway, much healthy activity, this crypto investing stuff.”
Price Action: Dogecoin was trading at $0.22 at press time, up 31.91% in the past 24-hours.
The cryptocurrency is down 72% from its all-time high of $0.73 in May and has since lost $70 billion in market cap.
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