Dogecoin Cofounder Posts "We're So Back?" as Crypto Market Rallies
In brief
- Dogecoin cofounder Shibetoshi Nakamoto posted 'We're So Back?' on X without elaboration
- Bitcoin rose 5% and Ethereum climbed 6% during the 24-hour period around the post
- Altcoins including Avalanche and Morpho posted 14-22% gains as market sentiment turned bullish
- Markus's phrase signals sentiment reversal in crypto culture but lacked specificity
The Post and Market Context
Markus' post didn't provide additional context, leaving followers to speculate on what he was referring to. The message arrived as the wider crypto market rebounded after the Fed's decision Wednesday to raise its benchmark rate by a quarter-percentage point to a range of 3.75% to 4%.
Bitcoin was up 5% in the last 24 hours, while Ethereum traded up nearly 6% in the same time frame. Dogecoin itself was up nearly 4% in the last 24 hours, trading at $0.088.
Altcoins Surge Amid Greed Sentiment
The rally extended across smaller tokens. Cryptocurrencies Avalanche, Ethena, Morpho, Filecoin, Injective, and VeChain were posting gains of between 14% and 22%. Market sentiment remains firmly in greed, according to the Crypto Fear and Greed Index.
The failure of the Clarity Act bill this week didn't deter bulls as Bitcoin and altcoins rose towards the weekend. According to market data, altcoin leverage is still sitting below its risk threshold, suggesting room for further upside without excessive leverage buildup.
What the Phrase Means
The meme phrases "we're so back" and "it's so over" are used to signify a rapid change of sentiment and are often used online as a response to a reversal in price.
His post didn't explicitly mention DOGE, Bitcoin, or any particular cryptocurrency. That ambiguity is what kept the post circulating in crypto circles. Bitcoin has also reclaimed the True Market Mean, which puts its price back above a crucial level and back into a bullish regime.
