+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%

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

If Dogecoin, Bitcoin Begin 'To Crack,' This Stock Will Be 'One Of The Easiest Shorts There Is,' Says Expert Trader

The cryptocurrency rally could end in summer on a corrective basis and cryptocurrency exchange Coinbase Global Inc. (NASDAQ: COIN) could be one of the “easiest shorts there is” if the virtual assets begin "to crack," according to Boris Schlossberg, a leading foreign exchange exper read more

Dogecoin Rally A 'Middle Finger' To The System, Says Bitcoin Bull Novogratz

Galaxy Digital Holdings Ltd (OTC: BRPHF) CEO Mike Novogratz said Wednesday that the current Dogecoin (DOGE) rally is akin to a “middle finger” to the traditional financial system. read more

Elon Musk Autographs Toy Tesla Car, Asks Fans About Dogecoin Ahead Of 'SNL' Performance

Tech tycoon and CEO of electric automaker Tesla Inc. (NASDAQ: TSLA) Elon Musk was asked to tout Dogecoin (CRYPTO: DOGE) during his appe read more

Could Elon Musk's SNL Hosting Tank Dogecoin Price With Profit-Booking?

Speculations are rife over whether Tesla Inc (NASDAQ: TSLA) CEO Elon Musk's “Saturday Night Live” episode will feature Dogecoin (DOGE) or not, and the joke cryptocurrency's price is spiking to read more