Dogecoin Price Tracker, Updates As Cryptocurrency Dips Following Huge Rally

The value of Dogecoin, the cryptocurrency that started as a joke but reported record rises in recent days, has dropped by about 8 percent in the past 24 hours.

Dogecoin, listed as DOGE on the cryptocurrency market, was priced at $0.07215 at the time of writing, with a 24-hour trading volume of $7,227,307,211, according to CoinMarketCap.

Although this price has fallen by about 8 percent in 24 hours, it is still more than double the figure of a week ago. The cryptocurrency stood at $0.03129 at one point on February 3, according to CoinMarketCap.

The price has been flattening since Monday, when it climbed by as much as 31 percent. A day earlier, it rose by a record high of more than 55 percent, according to Coindesk.

Sunday's price hike came after tweets from Tesla CEO Elon Musk, rapper Snoop Dogg and musicians Gene Simmons and Kevin Jonas.

On Wednesday, Dogecoin was reported to be the 12th largest cryptocurrency by market cap, a measure of "the total market value of a cryptocurrency's circulating supply," according to CoinMarketCap. The market cap ranking had slipped from Tuesday, when it was 10th.

Last week, the price of Dogecoin surged by around 74 percent in 24 hours, while its trading volume climbed by nearly 165 percent in the same period.

Earlier this week, Michael Burry, the investor depicted in the film The Big Short who is best known for betting against the U.S. housing market ahead of the 2008 crisis, claimed that Dogecoin's record rise was evidence of a market bubble. He made the comment in a series of tweets on Monday that were later deleted, according to Markets Insider.

"A doge's breakfast maybe," Burry reportedly tweeted, sharing a link to a Wall Street Journal article in which the creator of Dogecoin commented on the absurdity of the recent price surges for the cryptocurrency and GameStop stocks.

Burry reportedly tweeted: "We are in a blow-off top in all things," referring to a pattern in which the price and trading volume of an asset increases sharply, followed by a rapid price decline.

"Markets have now bubbled over in a dangerous way," he is said to have tweeted earlier.

Last month, Burry was reported to have made a gain of almost 1,500 percent in the GameStop buying frenzy fueled by small investors on Reddit.

Burry's Scion Asset Management was said to have owned 1.7 million shares in GameStop, which were worth $17 million at the end of September. As the game retailer's stock price soared, the value of the firm's stake peaked at $271 million, according to Markets Insider.

Newsweek has contacted Scion Asset Management for comment from Burry.

Dogecoin Bitcoin cryptocurrency January 2021
An illustration of Dogecoin, Bitcoin and other cryptocurrencies. Getty Images