Creator of Dogecoin, one of the most popular meme coins in the crypto industry Billy Markusshared to his Twitter followers the first sign of a bear market in crypto that could be considered quite unusual and ironic.
Meme Coin Creator Has A Special ‘Indicator’ Used To Identify A Bear Market
The commonly known phrase “bear market“tends to emerge in the crypto space after almost every major correction. Long-term investors and traders who end up with deep losses in the end tend to justify holding their long unprofitable positions by saying that their analysis is based on the fundamental value of their positions.
sign of a bear market in crypto:
– people start talking about the tech again
— Shibetoshi Nakamoto (@BillyM2k) January 24, 2022
Markus reacted to a joke (meme) that later became popular with American politician Bernie Sanders. The joke shows a big red candle reflecting the huge drop in the market and the phrase ‘I’m here once again for tech’.
Markus seems to be using a somewhat unorthodox and somewhat ironic method in this joking reference.
The first spread of this joke happened in 2018, when Bitcoin and other cryptocurrencies lost 80% of their value due to a “bubble burst” as many experts called the correction. Many investors were left with token holdings of companies leaving the market, and to justify their investments, inexperienced crypto enthusiasts spoke of “technology” behind the companies they invested in.
The developer of the most famous meme coin in the market had previously mocked Web3 technology, claiming that “Web3 people” are in the industry to make money without trading any valuables.
Elon Musk had previously joined the caravan of those who made fun of the developing technology by drawing attention to the lack of usability and effectiveness in the modern internet age.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.