Doge Day failed, Dogecoin price dips by 20%.
It was an epic day for Dogecoin holders, on what was supposed to be a special occasion.
It was apparently Dogecoin’s time to shine, as meme creators talked up the coin’s prospects of hitting the $1 mark on 4/20.
Unfortunately, Dogecoin didn’t obey.
The sixth-largest cryptocurrency by market cap rolled around in the mud, making its price to as low as $0.29, down from an all-time high of $0.40 in the weekend. Its recent price of $0.34 represents a 20% drop in the last 24 hours.
Doge Day, like all the cultural phenomena these days, started its life in the internet just over a week ago, when the hordes of Dogecoin-loving Redditors and Twitterati posted several memes and rallying cries that encourage others to pump up the price of the coin on April 20.
The stopgap holiday had some famous brand backers, including Snickers and Axe Body Spray:
What it hasn’t had up until now, is the endorsement of Dogecoin’s master of price-pumping, Elon Musk. The Tesla CEO has long enjoyed tweeting about the token, which has been created in 2013 as a joke and egging on the buyers.
Last week, Musk invoked Dogecoin in a tweet, highlighting the currency to his 50 million followers as it slanged from $0.14 to $0.40 in just a matter of days. Musk stated last February that his tweets about Dogecoin are “meant as a joke,” but there is a bit of evidence that those tweets, even if crafted in antics, have a straight effect on Dogecoin’s price.
The Doge faithful still seem to be hoping, as of Tuesday night, that Musk didn’t forget his Twitter password on Doge’s big day.
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