Dogecoin founder Billy Markus has dismissed claims of market manipulation following a significant $200 billion drop in cryptocurrency market capitalization. The market experienced a 4.87% decline, with Dogecoin itself falling 7.36% to $0.1381. Markus highlighted the inconsistency of investors who praise price increases as 'organic' but attribute declines to 'whales.' Markus pointed out that price fluctuations are driven by various factors, including investor sentiment, geopolitical events, and macroeconomic data. Despite the recent approval of the Bitwise Dogecoin ETF, the market remains volatile, with trading volumes increasing by 136.66% to $1.44 billion as traders adjust their positions.