Founder of cryptocurrency Dogecoin, Billy Markus, tweeted the “this is fine” meme after the global cryptocurrency market fell sharply on Monday.
More than $200 million was wiped off the crypto market after a Bitcoin flash crash on Monday morning, according to CoinMarketCap.
Markus shared the meme on Monday, alongside the words “looking at crypto charts.”
The “this is fine” meme featuring an anthropomorphic dog sipping tea while surrounded by fire originates from a webcomic called Gunshow, created and illustrated by K.C Green. It’s commonly used in situations of denial or steadfast refusal to accept that situation a person finds themselves in, particularly if these circumstances are hopeless.
Over the course of a few hours, Bitcoin fell by 8 percent, dropping below $44,000. Rival cryptocurrency Ethereum fell by around 9 percent to about $3,000, while Dogecoin dropped by over 13 percent, before rising by 3 percent to a value of $0.21.
The dip came after El Salvador became the first country to officially adopt a cryptocurrency as legal tender earlier this month. Bitcoin was adopted alongside the U.S. Dollar in the country after it was put forward by the president and passed by 62 vote out of a possible 84.
Following the example set by some other cryptocurrency investors who exploit low coin values, El Salvador’s president Nayib Bukele tweeted: “We just bought the dip.” He also said El Salvador’s Bitcoin holding had increased by 150 to 700 coins.
The drop in the crypto market caps off what has been an interesting year for Dogecoin in particular. The currency started life as something of a novelty among crypto investors. On 20 April, the community attempted to artificially inflate Dogecoin’s price, dubbing the event “Doge Day” to coincide with so-called “Weed Day” or “4/20.”
The underdog cryptocurrency was also bolstered by a raft of high-profile support, including SpaceX founder Elon Musk.
After today’s plunge, according to Coin Market Cap, it stands as the 10th top cryptocurrency in the world.
One post, which has received 1.4 thousand upvotes with a positive reaction of 86 percent simply read: “What is happening?”
Back in April, Markus warned traders to be cautious with Dogecoin and other cryptocurrencies. He tweeted: “For real though guys keep some rationality when gambling on highly volatile assets like cryptocurrency.
“Euphoria is a helluva drug, but y’know, at least keep paying your bills and feeding your family and have a safe rainy day fund.”