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Elon Musk and the inventor of DOGE: this is the next market to collapse!

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Tesla CEO Elon Musk is known for his jobs that are commonplace in the crypto space. As a result, the famous billionaire posted a post that started a new Crypto Twitter discussion on his Twitter account. Many responses came to Musk’s post in a short time. Furthermore, one of these responses was the founder of the DOGE. As a result, Dogecoin inventor Billy Markus has agreed with Elon Musk on the next altcoin that will crash. Here are the details…

Remarkable sharing by Elon Musk and the inventor of the DOGE

Elon Musk posted a post on cryptocurrencies from his official Twitter account last night. In fact, Tesla’s CEO post consisted of just one word: “Cryptonight”. However, this one sentence alone was enough to attract the attention of the famous cryptocurrency investor’s 98.1 billion followers.

DOGE founder Billy Markus responded to Elon Musk’s post. Markus hinted at Bitcoin in a somewhat ironic way. Consequently, the inventor of Dogecoin viewed BTC’s current decline as a “store of value”. However, Markus wasn’t the only celebrity to comment on Musk’s post. Famous Bitcoin supporter and investor Anthony Pompliano asked Musk about his thoughts on the current state of BTC. However, Tesla’s CEO gave no response to Pompliano. The DOGE founder then told Musk that the next thing to collapse after rising inflation would be the housing market. Elon Musk replied to this post and said “correct”.

The market cap of cryptocurrencies drops below $ 1 billion for the first time in history

cryptocurrency.com As reported earlier this week, the cryptocurrency market has experienced steep declines. As a result, the total market value of the market dropped below $ 1 billion for the first time in history. In fact, on Monday, the market value dropped to around $ 925 million. This was well below the bull run of many cryptocurrencies such as DOGE, BTC and ETH in November 2021.

At the time, the total market value was around $ 2.9 trillion. What caused this crash was the market crash as a result of macro factors and the Earth event. Along with major cryptocurrencies such as Bitcoin, Ethereum, many altcoins have lost most of their value. Bitcoin fell sharply from $ 30,000 to $ 20,228. Ethereum fell from the $ 1,900 support zone, then reached $ 1,028.

Analysts split on the price of BTC, DOGE and ETH

Famous cryptocurrency investor Mike NoNovogratz spoke to CNBC yesterday about the price of Bitcoin. The billionaire said he expects the price of BTC to hit a low in the $ 20,000 area. He also predicted that Ethereum’s price would follow a parallel path. As a result, ETH will hit the low of around $ 1,000. But inflation continues to rise around the world. Additionally, the Federal Reserve (FED) is making statements implying that it will raise interest rates in the United States. Markets fear the Fed should raise interest rates. Therefore, many markets, including cryptocurrencies, could soon experience big drops.

The most important hypothesis in this regard came from Peter Schiff, known for his love of gold. Unlike Novogratz, Schiff expects the price of BTC and ETH to drop further. The analyst specifically said that BTC will regress enough to test the long-term support of $ 5,000. He has also released a BTC price chart that demonstrates this. In addition, he has also given investors advice for Bitcoin. As a result, it may be a good idea for investors to “sell holdings in BTC and buy back when prices go down”.

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