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Dogecoin is down 81% from its May 2021 peak, not 400% as a previous version of this article stated. The error has been corrected.
Dogecoin’s performance was somewhat sluggish on Wednesday, April 20, a day that the meme token’s supporters deemed as “Dogeday.”
The token
DOGEUSD,
was trading at around $0.14, down 0.3% over the past 24 hours, according to CoinDesk data. The crypto has logged a 16.4% loss since the start of this year. Worse yet, Dogecoin has lost more than 81% of its value since its May 2021 peak.
A year ago, supporters of the Shiba Inu-themed token tried to push the token’s price up to $1 on April 20, a date that is also associated with smoking marijuana, even though Dogecoin, at the time, was only trading at nine cents a week before.
Though the token’s value has never yet surpassed $1, some supporters got a payoff when Dogecoin surged to an all-time high of $0.74 in May 2021 from about one cent at the beginning of last year.
Read: What is ‘Doge Day’? A push to drive dogecoin to the moon
Its prior peak might be attributed, partly, to the backing of Elon Musk, chief executive at Tesla
TSLA,
who tweeted about the token several times in the past and pushed the electric car maker to accept Dogecoin as payment for some merchandise since January.
Dogecoin has faced competition from Shiba Inu, another dog-themed token dubbed “Dogecoin killer” by its supporters. Shiba Inu surged more than 40,000,000% in 2021, while logging a 24.5% loss so far in 2022.
In fact, both Dogecoin and Shiba Inu tumbled along with broader risk-on assets such as stocks, as the Federal Reserve began to talk about tighten its monetary policy by raising interest rates and reducing its balance sheet.
Bitcoin
BTCUSD,
has lost 11.4% since the start of this year, while ether
ETHUSD,
traded 16% lower year-to-date, according to CoinDesk data.
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