Dogecoin Founder Responds as DOGE, BTC Skyrocket

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Dogecoin’s cofounder, Billy Markus, who goes by "Shibetoshi Nakamoto" on X, has reacted to the recent surge in the prices of Bitcoin (BTC) and Dogecoin (DOGE).

Earlier, Markus made a lighthearted prediction that "Bitcoin would reach $69,420, while Dogecoin would hit $0.16942," adding that memes are the most important thing.

Now, with both cryptocurrencies reaching new highs, Markus revisited his previous statement, saying in his characteristic humor, "Well, Bitcoin and Doge listened to the prophecy, anyway."

In another recent tweet, Markus wrote, "It's a great day for crypto," acknowledging the overall market rise, which saw Bitcoin hit a record high and numerous digital assets achieve double-digit gains.

Dogecoin rose by more than 22% as meme coins surged early Wednesday. The moves came as Bitcoin reached a new high of $75,000. Meme coins and AI-related crypto tokens are currently outperforming the entire cryptocurrency market. This crypto market sector is used to assess retail investors' risk appetite.

At the time of writing, DOGE was up 18% in the last 24 hours to $0.197 and up 17% weekly. Futures tracking DOGE reported $30.5 million in short liquidations over the past 24 hours, an extremely high figure that suggests part of the surge was driven by covering losing bets.  DOGE has increased its 30-day gains to about 75%, making it the top-performing major cryptocurrency.

Bitcoin hits new ATH

Bitcoin rebounded overnight, reaching an all-time high. The largest digital asset increased by as much as 10% to $75,410. Though it had slightly erased part of these gains, it was last up 7.15% at $73,553.

Bitcoin originally reached its previous high of $73,797.68 on March 14, when investors were spurred by inflows into U.S. Bitcoin exchange-traded funds. Bitcoin had traded in a limited range below $70,000 for the majority of the year before this recent spike.

BTC has now climbed 75% in 2024, outperforming stocks and gold. U.S. spot-Bitcoin ETFs from issuers, including BlackRock Inc. and Fidelity Investments, have received $23.5 billion in net inflows since their inception at the beginning of the year, making them among the most successful new ETFs in history.

Aside from cryptocurrencies, U.S. equity futures, the dollar and Treasury yields have all jumped in the last 24 hours.