On Tuesday, Dogecoin, the meme-based cryptocurrency fell after reaching an all-time high. This was after a wild session where fans of the token contemplated a parody use hashtag to strengthen a rally until it lost steam.
Ultimately falling 15.4%, Dogecoin reached $0.33. But when it surged all to a record peak during the session, its market capitalization skyrocketed to more than $50 billion. Unfortunately, its market cap slumped roughly to $45 billion after the fall. The much-favored Bitcoin flaunts a market cap of over $1 trillion by comparison.
Hashtags like #DogeDay420 and #DogeDay were used by fans of Dogecoin to post videos, messages and memes on Reddit and Twitter. The reference here was to the informal holiday on April 20th, to celebrate cannabis which is marked by street parties and smoke-ins.
Dogecoin has seen an 8000% increase this year when it was launched as a satirical critique of 2013’s cryptocurrency frenzy. It has overtaken more widely-used cryptocurrencies like Tether and Litecoin.
A Shiba Inu dog is featured at the center of the meme as Dogecoin’s logo. It can be traded on popular mainstream trading apps and crypto exchanges.
The Doge rally indicates as interesting convergence. Interestingly in the last week, Dogecoin’s price surged by more than five-fold to a record $0.42. The rise in Dogecoin came during a hike in online trading of crypto and stocks by retail investors. Those were stuck at home with extra cash due to the novel Coronavirus pandemic. The coin isn’t a preferred choice in commerce or for payments.
Similar to other cryptocurrencies, Dogecoin’s price is strongly influenced by social media users. The list includes the obvious name of Tesla chief Elon Musk. His February tweets on the cryptocurrency sent its price high over 60%.