Excited Dogecoin fans declare today, April 20, as Doge Day on various social media platforms. This has led to an increase in the worth of the total dogecoin in circulation, amounting to about $53 billion. The goal of this exercise is to push the meme-based cryptocurrency to greater heights, possibly equating with $1. The price of a dogecoin has gone up about 20% since the start of the day. There are circulations and trends of the Dogecoin logos on social media platforms like Twitter and Reddit. The Shiba Indu dog picture is trending with hashtags #DogeDay and #Doge420.
There are speculations that there is a link between Doge Day and Weed day as April 20 is also Weed day. The popularity and recognition of Dogecoin are due to the various business investments and celebrity recognition. Meanwhile, Bitcoin continues to decline by 4.6% at $54,763.19. The second biggest crypto Ethereum also goes down by 5.3% trading at $2134.7.
Over the past few weeks, we have witnessed Dogecoin rise by about 400%, summing it up to over 5000% since the beginning of the year. This progress makes Dogecoin the fifth most valuable cryptocurrency in the market.
The CEO of financial advisory organisation deVere Group said, said:
“Dogecoin has become the new GameStop, with frenzied trading potentially going to deliver a bloody nose to novice investors.This week, since Reddit lifted its ban on the discussion of three cryptocurrencies… activist investors and also some celebrity investors on social media have been urging others to invest their cash into Dogecoin – their new pet populist bandwagon.
“In the same way that the GameStop frenzy was pitched as a battle-play of ‘Wall Street versus The Little Guy’, Dogecoin is being pitched as a battle-play against the well-established crypto giants like bitcoin.” He continued.
Dogecoin is in high demand as the meme crypto brought down Robinhood’s crypto trading systems on Thursday as the crypto platform managed to process a large increase in dogecoin orders.