Back on Tuesday, the price of Dogecoin reached an all-time high near $ 0.42 as proponents of cryptocurrency began as a mockery celebrating April 20 as “Dog Day” for the first time. Get all the information on this mem cryptocurrency here.
– Bloomberg QuickTech (@Quicktake) April 20, 2021
An all time high
Dogcoin first started as a joke back in 2013, but now $ DOGE is valued at an impressive fifty billion. This meme cryptocurrency has been doing amazingly well over the past month, and rose 610 percent after dropping about $ 0.054 this month. According to Market insider, “ Its 1-year return stood at over 19,000% on Tuesday.
Market insider According to CoinGecko the price of Dogecoin was down 3.4% to 9.35 pm ET to $ 0.41317 in 24 hours. It was off an all-time high of $ 0.41888 already touched on Tuesday ”. Compared to bitcoin, which was fairly flat at $ 56,100 on Tuesday, both have messed up a bit in recent times, but the rise of Dogecoin has proved to be more excellent after comparing the two.
Susannah Streeter, a senior market analyst at Hargreaves Lansdowne, told Market insider: “Dogecoin has bounced higher, yet the Internet is refueling in forums, while the effects of pushing crypto currencies to higher.
– Slim Odd) (@DogeCoinAud) April 20, 2021
An online celebration
The shooting price of DogCoin on April 20 caused a lot of fans of the meme cryptocurrency to celebrate all over the web, and fans even coined the phrase “Doge Day” to commemorate the special moment. Many were also hoping that Dogcoin would be able to crack a dollar, though it hasn’t happened yet, and the mimes were spread on Twitter like wildfire.
Some of these memes on Twitter also include weed-based Dogcoin memes, which are four-and-twenty, to combine both “Dog Day” with a weed-filled holiday. Not only this, but big companies also joined in on all occasions. Sneakers joined the party by tweeting: “Guess what day it is?” # Dogde. Tomorrow? # DogeDay420 ”.
Twitter user @Adama04785865 also wrote: “As an Uber driver I now accept @Dogecoin As payment !! #dogecoin doesn’t matter with death !! “Very honestly, we’re not sure if that person was joking or if that too is allowed, but either way, it shows how many people are serious about this meme cryptocurrency. Another user wrote: Every time I look at the moon, I really think “dog to moo.” I will never be the same”.
However, the circumstances were ultimately bound to toll, as Dogcoin eventually fell slightly after reaching its record peak. Gadgets 360 It is written that “It eventually fell 15.4 percent to $ 0.33 (about Rs 25), but during the session when it reached a record peak, its market capitalization exceeded $ 50 billion (about Rs 3,77,350 crore). After the recession, its market cap decreased to about $ 45 billion (about Rs. 3,39,610 crore).
Diana Biggs, CEO of crypto start-up Velor, told Gadgets 360: “The Doge rally represents an interesting convergence. A meme coin created as a joke for the early crypto adopters, whose community found that kind of thing to be fun, with which there is now a new generation of retail investors for whom memes are the original language ”.
Streeters were also added Market insider: ““As we saw earlier in the year with GameTop Mania, merchants are once again adopting a game mentality, trying to drive up the price by using hashtags and rallies on internet forums”.
Streeter also said that “investors should be extremely cautious about getting stuck in this herd mentality because Dogcoin is a speculative bet that has no credible basis for valuation”.