Dogeday: Dogecoin braces for ‘volatile’ price action

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Every doge has its day. For dogecoin, the meme-based cryptocurrency and “joke” bitcoin rival, that could be today—April 20, the ever meme-able 4/20; dogeday.
Dogecoin, a joke cryptocurrency until dogecoin-mania swept the crypto world this year, has been propelled into the cryptocurrency top ten and a mind-boggling $50 billion market cap—boosted by Tesla billionaire Elon Musk. For comparison, bitcoin currently boasts a total value of just over $1 trillion, while other top five digital cryptocurrencies like ethereum and Ripple’s XRP are worth $240 billion and $55 billion respectively.
The dogecoin price has already increased a staggering 15,000% to 40 cents since the broad bitcoin and crypto bull run began in October last year—and dogecoin’s meme-led community is hoping this year’s 4/20 could see it reach the lofty highs of $1.
“$1 is definitely possible,” says Alex Krüger, a cryptocurrency trader and economist speaking via Telegram and adding such a increase “is not that much more for something that volatile.”
“It’s quite a remarkable dynamic at play where a market always hungry for a strong narrative to dominate price movements has settled on the meme economy for outperformance,” Mati Greenspan, a cryptocurrency trader and founder of market analysis group Quantum Economics, says via Telegram.
The dogecoin price has risen this week as excitement builds ahead of April 20, dogeday, adding 20% over the last 24 hours and hovering around its ATH.
“Doge is going parabolic tomorrow,” wrote one user of a 45,000-strong cryptocurrency pump-and-dump Telegram group called SatoshiStreetBets, named after bitcoin’s mysterious creator Satoshi Nakamoto and the Reddit community WallStreetBets that sent GameStop GME +6.3% stock stratospheric this year.
Elsewhere, the wider bitcoin and cryptocurrency market has struggled since a shock $300 billion sell-off over the weekend. The bitcoin price is down around 5% over the last 24 hours while other top five top coins like ethereum and Ripple’s XRP are also down from their recent highs.
Meanwhile, bitcoin and cryptocurrency-friendly brands are jumping on “dogeday” as an opportunity to connect with users. Newegg, a technology-focused online retailer has today started accepting dogecoin as payment—seven years after it began accepting bitcoin.
“The excitement and momentum around cryptocurrency are undeniable, and the recent surge in dogecoin value underscores the need to make it easier for customers to make purchases with this popular cryptocurrency,” said Andrew Choi, senior brand manager at Newegg, in a statement alongside the announcement.
However, while bitcoin and cryptocurrency experts do see the dogecoin price climbing in the near-term, they are also warning against people getting carried away.
“Most people will lose money, as always,” says Krüger. “That’s how trading manias work. The majority usually comes in at the top.”

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