Cryptocurrency Dogecoin founder Billy Marcus tweeted a “That’s good” meme after the global cryptocurrency market plunged sharply on Monday.
More than $200 million has been written off from the crypto market after the Bitcoin flash crash Monday morning, according to CoinMarketCap.
Marcus shared the meme on Monday, along with the words “Consider Crypto Schemes.”
The “That’s Good” meme featuring an anthropomorphic dog sipping tea while surrounded by fire, originates from a web movie called gun show, Created and illustrated by KC Green. It is most commonly used in cases of persistent denial or refusal to accept the situation in which a person finds himself, especially if these circumstances are hopeless.
Over the course of a few hours, bitcoin is down 8 percent, dropping below $44,000. Rival cryptocurrency Ethereum fell about 9 percent to about $3,000, while Dogecoin fell more than 13 percent, before rising by 3 percent to a value of $0.21.
The drop came after El Salvador became the first country to officially adopt cryptocurrency as legal tender earlier this month. Bitcoin was adopted alongside the US dollar in the country after the president put it forward and passed by 62 votes out of 84.
Following the example set by some other crypto investors who are taking advantage of low coin values, El Salvador President Neb Bukele tweeted: “We just bought the dip.” He also said that bitcoin holdings in El Salvador have increased from 150 to 700 coins.
The decline in the cryptocurrency market led to an interesting year for Dogecoin in particular. The coin started as something new among cryptocurrency investors. On April 20, the community attempted to artificially inflate the price of Dogecoin, calling the event “Doge Day” to coincide with the so-called “Weed Day” or “4/20”.
The underdog cryptocurrency has also been boosted by a slew of high-profile support, including SpaceX founder Elon Musk.
After landing today, according to Coin Market Cap, it ranked 10th among the best cryptocurrencies in the world.
Around the same time that Marcus tweeted a meme from his Twitter account @BillyM2K, the cryptocurrency’s decline sparked a discussion on the Dogecoin Reddit forum.
One post, which received 1.4 thousand votes with an 86 percent positive reaction, simply read: “What’s going on?”
Back in April, Marcus warned traders to be careful with Dogecoin and other cryptocurrencies. He tweeted: “Although men do maintain some sanity when gambling with highly volatile assets like cryptocurrency.
“Ecstasy is a great drug, but you know, at least keep paying your bills, feeding your family, and getting secure financing for a rainy day.”