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.
— VIC (@victaagarciaa1) April 20, 2021
— DogeCoin (@OnIyDOGE) April 20, 2021
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.
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.”
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
On Monday, Dogecoin co-creator Billy Markus said DOGE’s value was as “ascribed to it by people.”
Photo by Play Your Place on Flickr
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