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Printed on: April 20, 2021
Written By: Leo Jakobson
Doge Day! Joke Coin Comes Within Touching Distance of Record Highs on 4/20
Given its historical past, it appears becoming that Dogecoin following need to declare April 20 as Doge Day.
For one factor, the date 4/20 is a play on 420, a preferred nickname for marijuana. It's also generally referred to as "Weed Day."
For one more, it's yet one more joke that precipitated DOGE's value to spike — briefly, this time, to $0.425, barely greater than a centime away from its April 16 all-time excessive of $0.437. As not too lang syne as April 13, DOGE was $0.07. Its merchants' objective is $1.
#Doge420 and #DogeDay have been trending on Twitter. Cryptocurrency alternate Kraken's Pleased #DogeDay tweet in contrast the year-to-date efficiency of DOGE — 6,800% — to commodities together with crude (29%) and gold (6%) additionally to the Nasdaq (8%) and S&P 500 (12%).
All of which is becoming for a cryptocurrency created as a joke. Dogecoin has develop into the fifth-largest cryptocurrency by market capitalization — $54 billion on the time of writing — mostly primarily supported its recognition as a meme moderately than its utility as a token. It additionally spiked after acquiring involved inside the r/WallStreetBets GameStop saga.
Its mascot, a shiba inu canine, was a preferred meme in its personal proper when Dogecoin was created.
A Serving to Paw from 'Dogecoin's CEO'
Then there's the 420 historical past of Dogecoin's largest supporter — or at to the last degree its largest pumper — Tesla and SpaceX CEO Elon Musk, who has delighted in tweeting Doge memes which have typically precipitated its value to spike (or drop). As an illustration, in March he introduced that he purchased his son X Æ A-12 some Dogecoin so he may very well be a "toddler hodler."
In 2021, Musk paid a $40 million superb and was pressured to step down as Tesla's chairman by the U.S. Securities and Trade Fee over a tongue-in-cheek tweet declarative that he was taking the electrical machine maker non-public at $420 per share.
On April 15, DOGE double from $0.12 to $0.24 after Musk tweeted, "Doge barking on the moon." That's on the heels of his April 1 tweet locution SpaceX "is Going to Put a Literal Dogecoin on the Literal Moon" — which precipitated a 28% value hike.
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