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

April 20, 2021 3:47 am
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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 (NASDAQ: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 (NASDAQ: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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