“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.
“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.
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.
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