Dogecoin co-founder Billy Markus, who goes by Shibetoshi Nakamoto on X, commented on the current price action in the crypto market in a post on X.
Most cryptocurrencies are trading sideways after a continued selloff that saw many coins hit multi-year lows. CryptoQuant noted in an analysis earlier in July that 40% of altcoins are trading near all-time lows, indicating that the altcoin market has reached an extreme level of underperformance.
Dogecoin fell to a low of $0.0693 in early July, the lowest since November 2023, before continuing in sideways trading. At the time of writing, Dogecoin was trading at $0.0723, down 29% so far in July.
this is what the crypto bear market always looks like
— Shibetoshi Nakamoto (@BillyM2k) July 22, 2026
it’s not panic inducing
it’s just so boring
In a standalone post which did not refer specifically to any coin, Billy Markus tweeted, "This is what the crypto bear market always looks like. It's not panic-inducing. It's just so boring."
3-4 years historically but who knows
— Shibetoshi Nakamoto (@BillyM2k) July 22, 2026
This attracted reactions from the crypto community, and an X user further asked how long this "boring" phase typically lasts. Markus replied with "three to four years" but with a degree of uncertainty: "3–4 years historically but who knows."
Crypto's 'boring' phase: what is it?
The "boring" phase mentioned by the Dogecoin co-founder may refer to a period of consolidation where prices are flat. This usually follows a major move up or down and sets the stage for the next directional move.
The market currently appears to be in consolidation, with several coins ranging. Rallies are quickly met with selling; price increases may occur, but these often fail to follow through. Altcoins' performance varies, with most underperforming. The broader market remains without excitement, with volume relatively low and sentiment cautious. Traders appear more defensive and are using less leverage.
This structure looks more like a pause in a larger cycle rather than a full trend reversal. Traders often accumulate during periods of consolidation ahead of the next major move. The duration of the current consolidation phase remains unknown.