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In a light tweet, Co-founder of Dogecoin Billy Markus, who goes by “Shibetoshi Nakamoto” on X, reacted to the recent Bitcoin price drop of more than 5%. Markus with humor commented“Bitcoin ate fast food this morning,” while sharing a Bitcoin chart to illustrate its price drop.
The Dogecoin founder’s statement that “bitcoin ate fast food” could playfully imply that the leading cryptocurrency has seen a rapid decline, much like it is indulging in fast food.
His comment comes amid a broader market sell-off that has resulted in significant liquidations of various digital assets.
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At the time of writing, the overall crypto market cap was down 6.28% over the past 24 hours to $3.35 trillion, per CoinMarketCap. Bitcoin is down 5.61% over the past 24 hours to $95,607. Most other major cryptocurrencies also fell, with Ethereum down 8.3% and Dogecoin down almost 12%.
Bitcoin price falls
Bitcoin‘s recent decline is part of a broader slowdown in the cryptocurrency market, with more than $711 million in liquidations reported across various assets, according to CoinGlass data.
Bitcoin hit a high of $102,735 on Monday for the first time since December 19, but its return above $100,000 was short-lived. On Tuesday, Bitcoin fell to its lowest level in more than two weeks, hitting a low of $96,105, joining a sell-off in U.S. stocks as new economic data sent Treasury yields higher.
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A better-than-expected Institute for Supply Management report on U.S. service providers contained a measure of price paid that rose to its highest level since early 2023, while other data showed that job postings to United States increased more than expected.
Bitcoin continued its losses on Wednesday, hitting an intraday low of $95,222 at the time of writing, falling below the daily SMA 50 at $97,689, where it was trading in late December before starting to rebound in early 2025.
On the macroeconomic front, investors are awaiting labor market data due Wednesday, as well as the minutes of the Federal Reserve’s December meeting.