Gerelyn Terzo
Add to Bookmarks

The cryptocurrency market downturn is continuing into the weekend, with all of the top-10 coins trading in the red, including Dogecoin. The meme coin has shed 5% in the last 24-hour period and has been jockeying for position with XRP for the No. 6 ranking on CoinMarketCap.

Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Doge was briefly muscled out of position by XRP and fell to the No. 7 spot. Both cryptocurrencies have a market cap of around USD 38 billion currently, give or take, so the juggling could continue until there is some major move by one of the coins. As it stands, Dogecoin is back in the No. 6 ranking but the situation is fluid.

‘Springing’ Endorsement

It is not unusual for Dogecoin to win the endorsement of famous people. Elon Musk and Mark Cuban have both shown a preference for the meme coin, and now the Doge community can add another name to the list.

Jerry Springer, who previously hosted a tabloid-fueled talk show that bore his name, has given a message to the Dogecoin community on Twitter, posted by an account called “TheDogeGlory.”

Springer joked with the Dogecoin community, saying they have “good character” because none of them ever made an appearance on his show. Springer, who was seemingly making a tongue and cheek reference to the dramatic nature of his former program, closed out the message by saying, “Dogecoin to the moon,” much to the delight of DOGE investors.



Damaging Sentiment

For every crypto fan, however, there is a critic. Michael Burry, the famous trader who inspired the movie “The Big Short” after betting on the collapse of the housing market, isn’t taking any chances on cryptocurrencies. And apparently he doesn’t want anyone else to, either.

Not only that, but Burry has reportedly gone on a tweetstorm about the current condition in the financial markets, and he is not impressed. The tweets, which have since been deleted, contain an ominous warning, with Burry starting off:

“People always ask me what is going on in the markets. It is simple. Greatest Speculative Bubble of All Time in All Things. By two orders of magnitude. #FlyingPigs360.”

Burry was likely suggesting that investors have become too greedy in reference to the saying,  “Bulls make money, bears make money, pigs get slaughtered.”

In one fell swoop, the former hedge fund manager took aim at bitcoin in addition to the meme stocks that have caught on like wildfire in the stock market. The Scion Asset Management Founder returned to Twitter after recently deleting his account to say that bitcoin is reminiscent of the housing bubble that made him famous.

Burry also lumped electric vehicles and meme stocks into bitcoin’s category, as he is no fan of Tesla stock, which he is short according to regulatory filings. Bloomberg was able to capture Burry’s latest scathing tweet, which stated:

“All hype/speculation is doing is drawing in retail before the mother of all crashes. When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries. History ain’t changed.”

This was not the first time that Burry has taken aim at bitcoin.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker