Meme-based cryptocurrency Dogecoin fell on Tuesday after reaching an all-time record in a wild session that saw token supporters once considered a parody of using hashtags to fuel a rally until it lost steam.
Dogecoin it eventually fell 15.4% to $ 0.33 (approximately Rs. 25), but during the session, when it reached a record high, its market capitalization rose to over $ 50 billion (approximately 3.77,350 kroner) . After the downturn, its market capitalization fell to approximately $ 45 billion (approximately 3,396 10 crores), according to coinmarketcap.com.
For comparison, wildly popular Bitcoin has a market capitalization of over $ 1 trillion (approximately Rs. 75,46,990 crore).
Dogecoin fans used the hashtags #DogeDay and # DogeDay420 to post memes, messages and videos on Twitter,, Reddit, and TikTok, referring to the informal holiday of April 20 to celebrate cannabis, which is marked by smoke and street parties.
“LET’S GIVE THIS DOGECOINE LAMBO !!!” #DogeDay “one tweet, targeting the Lamborghini sports car, popular in crypto culture.
With an 8,000% price increase this year, Dogecoin, launched as a satirical critique of the madness of cryptocurrencies in 2013, is ahead of more widely used cryptocurrencies such as Litecoin and briefly Tether to become the sixth largest coin.
“The current retail fervor is unlikely to give up Dogecoin altogether,” said Edward Moya, a senior market analyst at OANDA’s online exchange rate trading platform, but he expected an “event response sale” for the cryptocurrency.
The Dogecoin logo has a Shiba Inu dog in the center of the meme. You can trade on crypto exchanges and more popular mass trading applications.
“The Doge Rally is an interesting convergence,” said Diana Biggs, CEO of cryptocurrency Valor, after the price of Dogecoin jumped more than five times in the last week to a record $ 0.42 (approximately Rs.30), according to CoinMarketCap.
“A meme coin created as a joke for early crypto adopters whose community found such things fun, now with a new generation of retail investors for whom memes are a native language,” Biggs added.
The increase in Dogecoin came during an increase in online stock and crypto trading by retail investors staying home with extra cash due to COVID-19 pandemic. The coin has not seen much growth in use for payments or in trade.
“This is a continuation of the same phenomenon that led Tesla shares to be valued far beyond the fundamentals and, more recently, to the brief contraction of GME (GameStop),” said Ajit Tripati, head of institutional business at Aave’s decentralized financial startup.
Like other cryptocurrencies, the price of Dogecoin is heavily influenced by social media users, including Tesla chief Elon Musk, whose cryptocurrency tweets in February sent its price to jump above 60 percent.
Dogecoin currently has a 16.7% estimated probability of costing more than $ 1 (approximately Rs. 75) at the end of 2021, according to US-Bookies.com betting aggregators, a significant improvement over earlier this month when there was only a 2.9 percent chance of doing so.
© Thomson Reuters 2021
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