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Dogeday: Dogecoin Lovers Hijack Internet to Push Cryptocurrency’s Value to Mark '420'

Image credits: Twitter/@thedogeguru.

Image credits: Twitter/@thedogeguru.

The market rally pushed Dogecoin’s overall value above $50 billion, ranking it among the top five most valuable cryptocurrencies in the world.

2021 is the year for Dogecoin. The meme cryptocurrency which started as a joke is currently on the rise to what could be its highest value yet. On Thursday, the meme cryptocurrency which started as a joke reached its highest ever-value recorded so far. Dogecoin’s 24-hour window saw a 112.89% growth, with the value of the cryptocurrency currently at $0.29, almost 30 cents. Just two days after the cryptocurrency recorded the milestone of reaching 10 cents on April 14. The meme-cryptocurrency Elon Musk wouldn’t stop tweeting about has reached an all-time high, and the wave doesn’t seem like it’s dipping down anytime soon. This is the highest-ever for the cryptocurrency, and the result of a semi-ironic movement that’s involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. But it may have come at a cost – the cost of the Robinhood app’s servers.

On April 20, the process may see yet another test, as crypto-traders are aiming to inflate the price of the cryptocurrency today, to reach the highest value possible - but the aim at the moment is 69 cents.

Dogecoin is currently trading just a few cents off its all-time high of $0.43 ($038 at the time of writing this article), which it hit on Friday following an astonishing price surge. The market rally pushed dogecoin’s overall value above $50 billion, ranking it among the top five most valuable cryptocurrencies in the world.

The movement to push the prices of the meme cryptocurrency started where it always does: Reddit. One user in a recent post wrote, “$1 is inevitable, and we can take a pit stop at the moon, sure, but our lord and savior doge ought not be limited by such small goals," the user said, referring to the belief that many Dogecoin fans have said that the cryptocurrency will hit the one dollar mark. “The moment is now. We can mother heckin do this."

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It soon became a top trend on Twitter too.

In early January, each token was worth less than one cent. In late January, when both the GameStop and DogeCoin movements hit their stride, the value of DogeCoin shot up to 7.5 cents, well over a 10-magnification, before sliding down to 2.5 cents. The coin has spent the past few months in the three-to-seven-cent range.

The Shiba Inu-themed digital coin surpassed 8 cents for the first time, just a week after crashing to 2.5 cents and sparking an outcry on Reddit. It rose 53 per cent in the last 24 hours to 8.2 cents, breezing through its recent record of 7.8 cents posted in late January.

What is dogecoin? Dogecoin, much like Bitcoin, is a digital coin used for e-transactions. Doge is a reference to the ‘doge’ meme and has a picture of the shiba inu on it. It is a cryptocurrency, a form of digital money that, much like bitcoin, enables peer-to-peer transactions across a decentralized network.

Since its creation, Doge has also been used to donate money to charities. These have included the 2014 Jamaican Bobsled team who couldn’t afford to get to the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a clean water project in Kenya called Doge4Water.

At the peak of the meme’s popularity in 2013, Palmer, an Australian marketer, made a joke combining two of the internet’s most talked-about topics: cryptocurrency and Doge. He bought the Dogecoin.com domain and uploaded a photoshopped Shibe on a coin.

“If you want to make Dogecoin a reality, get in touch,” said the website. On the other side of the world, Billy Markus, a software engineer at IBM, got in touch and set Dogecoin live. Dogecoin soared up by more than 60 per cent over the last 24 hours and experienced a 1,421 per cent increase in trading volume according to crypto data firm CoinMarketCap.

The peak price of Dogecoin in 2018 was around two cents, right before it crashed along with the rest of cryptocurrency. Reports suggest that by early 2019, Dogecoin had lost nearly 90 per cent of its value and was trading for a fraction of a penny…until now.

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first published:April 20, 2021, 10:24 IST