Famed short seller John Hempton believes that Bitcoin (CRYPTO: BTC) has not bottomed until the price of meme cryptocurrency Dogecoin (CRYPTO:DOGE) falls to below 1 cent.

What Happened: Hempton, the co-founder of investment management firm Bronte Capital, said on Twitter that as long as Dogecoin has a large value, it means speculative mania is “still rampant.” The Australian short seller added that he was concerned about the price of apex cryptocurrency — Bitcoin.

Hypothesis:

Crypto (and specifically bitcoin) has not bottomed until Doge price is <1c.

When Doge has large value we know that speculative mania is still rampant.

— John_Hempton (@John_Hempton) June 23, 2021

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: Hempton, known for his bets against companies such as Wirecard AG (OTC:WCAGY) and Valeant Pharmaceuticals, has been a vocal critic of Dogecoin earlier too.

In a blog post in May, Hempton had compared buying stocks with buying Dogecoin, and noted that the comparison is “not even close.”

See Also: Why Is Dogecoin In Such A Slumber Right Now?

Created in 2013 as a joke for cryptocurrency enthusiasts, Dogecoin has shot to prominence this year, buoyed by endorsements from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and other celebrities. However, the meme cryptocurrency is down almost 71.5% from the all-time high of $0.7376 it touched in May at the time of writing.

The broader cryptocurrency market had plunged on Monday after China’s central bank warned financial institutions against dealing with cryptocurrency-related services, but is showing signs of a slight recovery as of Tuesday night.

Price Action: Dogecoin is up more than 2% during the last 24 hours, trading at $0.2084 at press time.