Dogecoin disappoints and drops 22% after the much awaited “DOGE Day”!
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Answer Dogecoin disappoints and drops 22% after the much awaited “DOGE Day”!
Certainly, the “Dogecoin” currency has reached levels that the most optimists could not have imagined and expected to reach.
The “Dogecoin” coin reached the level of $0.43 for the first time ever on April 16, according to coinmarketcap, as fans of the coin pumped its price amid a wave of hysteria.
It continues to fluctuate and rise and is expected to rise further yesterday, April 20, as the hashtag “#DogeDay420” invaded Twitter, with a group claim of celebrities and currency enthusiasts to make this day (April 20) a special day in the history of the “Dogecoin” currency.
But once peaked, the DOGE fell almost 32% to a daily low of $0.285 in early trade today, Wednesday, April 21.
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Since then, Dogecoin has managed to recover a bit to trade at $0.329 at the time of writing.
A massive discharge was inevitable after the pump that emerged after the Dogecoin surged 250% over the past week.
Dogecoin is currently the sixth largest cryptocurrency in terms of total market capitalization with a value of $42.3 billion.
“Dogecoin” rose to prominence on Twitter:
As we previously touched upon, the date for April 20 “DOGE Day” was chosen by members of the currency community on Twitter and Reddit.
The trend has spread beyond crypto circles and even sweets brands like Snickers and Milky Way have joined in the frenzy.
There was also no omission in the coin-friendly comments from Elon Musk.
According to CNBC, Galaxy Digital CEO Mike Novogratz stated that the Dogecoin movement is somewhat similar to what happened with GME shares.
The goal of Dogecoin pumps is to get the coin to a value of $1.
Cryptocurrency analyst nicknamed “KALEO” on Twitter predicted a huge “DOGE” dump.
Won’t lie – tomorrow is a cool ‘DOGE day’ thing and all, but it gives me the same kind of feeling as XRP did in late January. I had gotten to the supposed pump, but got too caught up in the hype and kept losing a ton.
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Don’t let this happen tomorrow.
– KALEO (CryptoKaleo) April 19, 2021
While the flaming momentum revolves around the “Dogecoin” currency, some analysts see that what is happening is pure madness, because the currency does not have any project and instead feeds on social momentum and media lights, and therefore at any moment this momentum fades, the fate of the currency will be painful.
I just saw a few Tik Tok posts about them Doge Up to $100… That’s over $12 trillion which is over 12 times over $ btc current cover
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Good Lord, what do you guys smoke on 4/20 👀
– Ivy ❤️🇦🇲❤️ (@cryptoaddict86) April 20 2021
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