Dogecoin Hits '420' Milestone As 'Doge Day' Dawns — Bitcoin, Ethereum Lose Ground

Dogecoin (DOGE) traded above the 40 cent mark in the early hours of the “Doge Day” but Bitcoin (BTC) and Ethereum (ETH) were muted.

What Happened: DOGE traded 21.77% higher at $0.40 at press time and has shot up 448.48% in a seven-day trailing period. The cryptocurrency touched an intraday high of $0.43.

See Also: How to Buy Dogecoin (DOGE)

BTC and ETH were down 4.75% and 7.5% at $53,946.45 and $2,076.88, respectively. Dogecoin's dominance of the cryptocurrency market has risen to 2% as per CoinMarketCap data, while that of Bitcoin has reduced to 51.08% and of Ethereum to 12.57%.

The hashtag “#DogeDay” was trending at the top spot on Twitter Inc’s TWTR social media platform at press time.

Reddit forum r/Dogecoin also saw several posts related to Doge Day and pumping the cryptocurrency higher. 

Posts on Reddit Forum r/Dogecoin On "Doge Day"

DOGE was on the top spot in the list of top ten trending tickers as compiled by Stocktwits. 

Why It Matters: DOGE fans on social media colloquially referred to as the “Doge Army” took screenshots of Dogecoin crossing the "420" milestone in the $0.420 levels. The Doge Army has been gunning for the meme-based cryptocurrency to hit 69 cents in the day, but the milestone remains far away.

The social media push is themed around 4/20 a number more popularly associated with cannabis.

See Also: Why Is Dogecoin Skyrocketing But Bitcoin, Ethereum Are Tanking?

Tesla Inc TSLA CEO Elon Musk often tweets about Dogecoin and has at times mentioned 420 in various contexts.

Ahead of Doge Day, Mars Inc featured a Shiba Inu — the mascot of Dogecoin — on a Snickers bar. The currency also got support from Milky Way, another Mars brand. 

Musk has yet to tweet on Doge Day but a tweet on Sunday insinuated that a “dogecoin standard” was “inevitable.”

On Monday, Dogecoin co-creator Billy Markus said DOGE’s value was as “ascribed to it by people.”

Read Next: How Dogecoin Found An Unlikely 'Supporter' In Gold Bug Peter Schiff

Photo by Play Your Place on Flickr

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