What is Doge Day? Will it send Dogecoin to $1?
Dogecoin holders have created their holiday in an attempt to get the meme coin to the one-decimal club.
The Dogecoin is back up near its record high of $0.40. And users of the made-up coin are attaching themselves to a made-up holiday to drive their beloved DOGE over $1.00 or failing that $0.69.
Not like Bitcoin and most of the other cryptocurrencies, Dogecoin was designed in 2013 as a joke. Its primary use case over the years has been to deliver LOLs, if not returns, to its ragtag community members.
But with the currency experiencing a celebrity-endorsed revival from Elon Musk and Mark Cuban, Dogecoin enthusiasts have taken to Twitter and Reddit to publicize tomorrow’s 4/20 as Doge Day. Doge holders are planning on purchasing the coin in big numbers to drive the price up; they want others to do as well.
April 20 comes on time for the coin, which has never been closer to breaking the dollar mark. Dogecoin started the year at a penny before dipping to its normal sweet spot below the mark. However, last January 27, the coin jumped to 40.03. That similar day, a popular Twitter account named @WBSChairman, tweeted, “Has Doge ever been to a dollar?”
With the “stonk” and DOGE worlds increasingly unified into highlighting both the ridiculousness of securities trading and the arbitrary nature of assigning value, Dogecoin began a month-long campaign to reach the $0.10 mark. It finally reached that mark on April 12, and in a short week has quadrupled to its current mark of $0.40.
Even as the general cryptocurrency market tanked in the weekend with Bitcoin shaving off $5,000 since Friday, Dogecoin didn’t notice. After briefly stalling last Friday, it went right on pumping all the way to a spot in the top five cryptocurrencies.
There are a few things that stand in Dogecoin’s way on its quest to $1.00. For starters, outside of Cuban’s Dallas Mavericks, not many merchants accept DOGE as a payment. While it didn’t stand in the way of Bitcoin, which up until a few years ago had a few takers, Dogecoin has no supply limit, so it is not rare. Its current market cap of $52 billion is just as much about its circulating supply of 129 billion coins; in comparison, there are only 18.6 million Bitcoins floating around.
There are about 10,000 new coins created every minute; for the value to hold, people must purchase as many DOGE per minute at the current price or even higher.
While Dogecoin can realistically hit the $1 mark, buoyed by celebrity purchases from Elon Musk, Mark Cuban, and Mia Khalifa, it will have trouble staying there without changes to its economic system.
With that being said, if Elon Musk, who famously talked on Joe Rogan’s podcast, were to tweet about DOGE on Tuesday, the internet could explode. And it would be priceless.
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