The value of Bitcoin dipped dramatically this morning following a report from the U.S. government that showed inflation increased at a rate of 8.3 percent in April — but the Bitcoin memes soared as #CryptoCrash and other hashtags trended on social media.

Wtf just happened 😳😳😳 #BitcoinCrash pic.twitter.com/RFxU0rfycf

— Serem (@ekipchumbah) May 11, 2022

Cryptocurrency is a risky and volatile asset, so when the economy feels unstable (as it currently does) banks and firms tend to sell off their Bitcoin and move into safer investments. The normal money markets have also had a rocky couple of months.

Saving crypto market crash😂 #cryptocurrency #Cryptocrash #BitcoinCrash #crypto #CryptocurrencyNews #buythedip #bearmarket pic.twitter.com/00B7RHNFVv

— usama chaudhary (@USAMACH54) May 10, 2022

The 8.3 percent inflation rate number is calculated by calculating the current price of a basket of items often bought by consumers and comparing that price to the price from a year ago. The price of that basket in April was 8.3 percent higher than the prices of April last year. The 8.3 percent rate is a small improvement from March’s rate, which was 8.5 percent. Analysts seem, in general, to attribute that slight decrease to a decrease in gas prices.

Everything's fine#BitcoinCrash #Terra #LUNA pic.twitter.com/yNYXk8MgFG

— Adam (@AdamJamesCh) May 11, 2022

The very-online community of Bitcoin aficionados, miners, took to the memes for commiseration and ranting.

#Cryptocrash #cryptocurrency keeps on dipping, #Metaverse and #Blockchain feel like Ponzi schemes now…#cryptocurrency #Crypto #LunarCrush #BitcoinCrash pic.twitter.com/AQPBGid7Gi

— BrutKode.eth (@BrutKode) May 11, 2022

On weeks like these, we run on coffee#cryptocrash #crypto #blockchain #BitcoinCrash pic.twitter.com/TyuSvuN39F

— Likvidi (@likvidiofficial) May 10, 2022

Many encouraged others to “buy the dip” and hold on to the Bitcoin in hopes of making a profit later.

Enjoy the "huge" pump of 5% on $btc. Price is way down from ATH. Many oscillators was oversold so a pump was naturally going to happen. Just be a bit careful. Not financial advice. dyor. #Cryptocrash #stockmarketcrash #BitcoinCrash pic.twitter.com/sze0bHMGWC

— CryptoPickk (@cryptopickk) May 10, 2022

Now the joker crypto influencers are restarting the buy the dip narrative. Yesterday they were on the bad days ahead narrative. WTF? #cryptocrash #bitcoincrash #stockmarketcrash pic.twitter.com/M6FTNK6uYz

— CryptoPickk (@cryptopickk) May 9, 2022

Just keep buying the dip and everything will be fine.#Bitcoin #BitcoinCrash #Cryptocrash pic.twitter.com/fsnxZBEAbu

— Crypto Memes Guy (@CryptoMemesGuy) May 10, 2022

Others lamented the fickle cryptocurrency market, grieving the sudden loss of their cash.

How's your crypto portfolio holding up? #Cryptocrash #bitcoincrash #lunacrash $LUNA #BTC pic.twitter.com/DNsvlxap1k

— CryptoPickk (@cryptopickk) May 10, 2022

Bitcoin quickly recovered from the dip this morning, but overall, the cryptocurrency (like many assets) seems to be on a downward trend, approaching its lowest value since 2020.