Twitter witnesses torrent of hilarious memes as Bitcoin crashes
Meme fest is back on Twitter after the prices of Bitcoin and other cryptocurrencies fell on Saturday. It looks like the crypto realm is not ready for a happy weekend. While falling prices aren’t a new scenario, the fact remains that whenever the crypto roller coaster goes down, investors frenzy over the dilemma of whether to buy the trough or hold it. And more often than not, this mental uproar comes in the form of hilarious memes. As Chandler said, “I use humor as a defense mechanism.” It seems like the entire crypto community is following this advice every time the chart falls.
The what and the why
The plunge that rocked the market on Saturday is attributed to risk aversion which leaves an impact on financial markets. After the plunge, the world’s largest cryptocurrency fell nearly 10% to $ 42,296 after trading at $ 48,300. And if the reports are to be believed, the drop has exceeded 20%. This despite having reached an all-time high on November 10. It hasn’t been a good time for Ether either. It fell almost 17.4 percent. The plunge has taken its toll on the crypto arena in general as it sees its value drop to $ 2.2 trillion. This is according to reports from CoinGecko.
Cryptocurrencies are volatile and uncertain, and that’s nothing new. With its 24/7 trading, prices can drop and fluctuate, especially on weekends. There are many reasons. Sometimes it is the reduced trading volumes and at other times the prices may drop due to the market structure disconnected from the multitude of exchanges. And so far, the climate has not been favorable for financial markets in general as they are constantly affected by various difficult factors ranging from inflation to omicron. With inflation in place, central banks have no choice but to tighten monetary policy. The omicron variant is also proving to be a major question mark for the global economy in general.
As usual, news of the crash acted as a catalyst for the shower of hilarious memes and responses on Twitter. Every time the crypto crashes, it’s like Twitter goes into a sarcastic high to deal with the effects. And as a result, we have a chain of memes that put us in a dilemma: laugh or cry. Let’s go over a few of those memes that popped up on Twitter like mushrooms during the monsoon following the news of the crash.
Experience is what matters
– (@ nityanand3591) December 4, 2021
This meme never gets old.
– Falfal (@ralphsksksk) December 4, 2021
I don’t know whether to cry or laugh.
– Membooda (@memebooda) December 4, 2021
At least the crash helps Twitterati work on their memes-making skills.
– NaveenDaga (@MutualFundShop) December 4, 2021
– otpyrc (@FRotpyrc) December 4, 2021
– Kumo 😷 # MaskUp😷 (@ Kumo_1776) December 4, 2021
– Wolfman Thomas (@WolfmanJustin) December 4, 2021
The crypto market explained in 13 seconds
– * Zàķì (@Zaki_Lucy) December 4, 2021
Now that is correct.
– RvCrypto37 (@ rvcrypto37) December 4, 2021
You know if you know.
– Alejandro (@Drodysseus) December 4, 2021
– MBA TrapBoy (@MBATrapBoy) December 4, 2021
– Aadil Khan (@AdilQadirKhan) December 4, 2021
– Nude Beauty Bodypainting🖖🌹 (@Barebeautybody) December 4, 2021
– Rich (@UptownDC_Rich) December 4, 2021
– Ten minute break (@ 10_MinuteBreak) December 4, 2021