Dogecoin cofounder Billy Markus, who goes by Shibetoshi Nakamoto on X, caught the attention of the crypto community after he posted “We're So Back？”
The timing of the post drew attention because it coincided with a broader market rally, with most cryptocurrencies trading in the green and a handful posting double-digit gains.
Bitcoin was up 5% in the last 24 hours while Ethereum traded up nearly 6% in the same time frame. Cryptocurrencies Avalanche, Ethena, Morpho, Filecoin, Injective, and VeChain were posting gains of between 14% and 22%. Dogecoin itself was up nearly 4% in the last 24 hours, trading at $0.088.
Market sentiment remains firmly in greed, according to the Crypto Fear and Greed Index, highlighting a shift to a positive mood.
Markus' post didn't provide additional context, leaving his followers to speculate on what he was referring to. 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.
This led to speculation as to whether Markus was commenting on market conditions, Dogecoin, or broader sentiment around digital currencies. That said, his post didn't explicitly mention DOGE, Bitcoin, or any particular cryptocurrency.
'Are we back？'
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%. The failure of the Clarity Act bill this week didn't deter bulls as Bitcoin and altcoins rose towards the weekend.
An expected increase might still be followed by rising crypto prices if investors become less concerned about how much further rates will climb. Meanwhile, key Bitcoin and altcoin signals have flipped positive, indicating an imminent price move.
According to Glassnode, altcoin leverage is still sitting below its risk threshold. When the share of altcoin open interest comes within a few percent of Bitcoin's, the market is usually overheated. That condition is not currently met, indicating a potential for altcoins to run further.
Bitcoin has also reclaimed the True Market Mean, which puts its price back above a crucial level and back into a bullish regime.