fbpx
QQQ
-8.33
342.42
-2.49%
DIA
+ -0.01
347.84
+ 0%
SPY
-3.93
425.96
-0.93%
TLT
-1.41
140.64
-1.01%
GLD
+ 0.55
171.04
+ 0.32%

Doge Day Ends With A Whimper Instead Of A Howl As Dogecoin Shrinks Over 20%

April 20, 2021 10:04 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Doge Day Ends With A Whimper Instead Of A Howl As Dogecoin Shrinks Over 20%

“Doge day” turned out to be a damp squib as Dogecoin (DOGE) failed to soar to the levels envisaged by the Doge Army.

What Happened: Instead of taking off to the moon, the Dogecoin rocket came crashing down to earth. DOGE traded 21.28% lower at $0.32 at press time Tuesday night.

In intraday trading, the Shiba Inu-themed cryptocurrency did manage to touch the high of $0.42. A significant mark as Doge Day falls on April 20 and is a reference to the number 420, which itself is associated with cannabis culture.

See Also: How to Buy Dogecoin (DOGE)

DOGE traded 23.8% below that intraday high at press time. The reversal in Dogecoin’s fortunes was paralleled by a rise in both Bitcoin (BTC) and Ethereum (ETH). 

BTC traded 0.16% higher at $55,641.99 and ETH was in the green 6.31% at $2,292.70 at press time.

Why It Matters: Dogecoin fans on social media were gunning for the cryptocurrency to touch 69 cents or $1 levels this week in anticipation of Doge Day.

Tesla Inc (NASDAQ:TSLA) CEO Elon Musk was notably quiet on Twitter on Dogecoin, a topic on which he frequently posts on social media.

See Also: Is Elon Musk's Influence On Dogecoin Price Waning?

“The current retail fervor probably won’t completely give up on dogecoin, but a sell-the-event reaction could be in the cards,” said Edward Moya, senior market analyst for Oanda, a brokerage, CoinDesk reported.

Others think that the fervor is set to continue. “Gaining somewhat of a global cult following, we see little to stop DOGE from continuing to appreciate, at least in the near term,” said Bloomberg Intelligence’s Mike McGlone.

See Also: $1,000 Dogecoin Investment On Jan. 1 Could Buy You A Tesla Model S — But Holding This Crypto Would Have Gotten You 4

Some of the DOGE frenzy seems to have spread to Decentralized Finance coins, according to CoinDesk. SHIBA INU (SHIB) has spiked almost 3,933.33% in a month’s time and Weed Doge (WOGE), has spiked over 1000% since Monday.

Read Next: Is It Worth Buying Dogecoin And Other Cryptos Simply Because They Trade At Low Price Points?


Related Articles

Cathie Wood Cuts Apple Stake By 30% And Buys Coinbase, DraftKings

Cathie Wood-led Ark Investment Management shed more shares of Apple Inc (NASDAQ: AAPL) on Monday, just days after halving its stake in the maker of iPhones and iPads, and snapped up shares of cryptocurrency exchange Coinbase Global Inc (NASDAQ: read more

Here's How Shiba Inu (SHIB) Rally Is Different From Dogecoin

Dogecoin (DOGE) may have been basking in the limelight but there is a cryptocurrency trying to steal the show. read more

Is Litecoin Slated To Be The Next Crypto Show Stopper?

Litecoin (LTC) hit an all-time high of $412.96 on Sunday night. The cryptocurrency was trading nearly 18% higher at press time. What Happened: LTC gained 49.29% over a seven-day trailing period and traded 17.48% higher at $400.06 on a 24-hour basis, according to CoinMarketCap data. read more

Dan Ives Talks 'Saturday Night Live' Impact On Tesla, Popular Cryptocurrencies

Wedbush analyst Dan Ives discussed the impact that Elon Musk's "Saturday Night Live" appearance had on Tesla Inc (NASDAQ: TSLA) and cryptocurrency Monday on CNBC's "Squawk Box." read more