Dogecoin and Rallied lovers to take cryptocurrency to New High on ‘Dogeday.’ Did it work?

Dogecoin began as a joke, and for nearly seven years remained a joke. Until 2021, when meme and cryptocurrency lovers, along with the GameStop surge, decided to rally behind the meme-cryptocurrency. The cryptocurrency jumped several times in value, reaching ten cents first, then thirty, and finally on April 20, it was due to reach 69 cents – its highest ever. Interconnected groups were in what can only be called a lousy attempt to manipulate the price of the cryptocurrency. But it failed. From April 21 8:00 AM IST (at the time of writing this article), the price of the cryptocurrency is seeing a -17.25% fall in the 24-hour change. The value is currently around $ 0.31, and the market cap has even been reduced from $ 50 billion to $ 40 billion.

So what really happened? On Thursday, the cryptocurrency meme that began as a joke reached its highest value ever recorded to date. Dogecoin’s 24-hour growth saw 112.89% growth, with the value of the cryptocurrency currently at $ 0.29, nearly 30 cents. Only two days after the cryptocurrency recorded the milestone of reaching 10 cents on April 14. The Elon Musk cryptocurrency meme stopped tweeting about it would have never peaked, and the wave doesn’t seem like she is dipping down anytime soon. . It’s the highest ever for the cryptocurrency, and the result of a semi-ironic movement that has involved thousands of buyers, tens of thousands of online posters and the world’s richest man, Elon Musk. But it may have come at a cost – the cost of the Robinhood app servers.

In the early hours of April 20, Dogecoin was trading a few cents off its all-time high of $ 0.43 ($ 0.38 at the time of writing this article), which hit Friday following an astonishing price surge. The market rally pushed the overall value of dogecoin above $ 50 billion, ranking it among the five most valuable cryptocurrencies in the world.

The movement began to push the prices of the cryptocurrency meme where it always does: Reddit. One user wrote in a recent post, “$ 1 is inevitable, and we can probably take a pit stop at the moon, but our lord and savior should not be restricted by such small goals,” said the consumer , referring to the belief. that many Dogecoin supporters have said the cryptocurrency will reach the one dollar mark. “The moment is now. We heckin ’mom can do this. ”

Except – they couldn’t heck. The fall that started does not seem to be improving at this time.

“Many retail crypto traders were hoping that today it will be a successful‘ Dogeday ’by sending dogecoin to the moon,” Edward Moya, senior market analyst for the Oanda brokerage, wrote, according to reports. CoinDesk. “Some were eyeing the $ 0.50 level as an area to take some profit, with others with outlandish hopes of moving skyrocketing to the $ 1 mark. The current retail craze will probably not give up dogecoin completely, but a sales-per-incident response could be in the cards. “

But is this the end of dogecoin? Not likely. Despite the fall in value, the cryptocurrency meme has already made a mark, grabbing its way up from what was completely rock to make a significant impact that brands and even the global audience at large took attention to it. That effect will take time to wear off – and will also always leave room for re-charging in Shiba Inu’s currency.

Dogecoin, much like Bitcoin, is a digital coin used for e-transactions. Doge is a reference to the ‘doge’ meme and has a picture of the shiba inu on it. It is cryptocurrency, a form of digital currency that, much like bitcoin, enables peer-to-peer transactions across a decentralized network.

Since its creation, Doge has also been used to give money to charities. These have included the 2014 Jamaican Bobsled team that could not afford to reach the Sochi Winter Olympics, a Nascar driver named Josh Wise, and a clean water project in Kenya called Doge4Water.

At the height of the meme’s popularity in 2013, Palmer, an Australian marketer, made a joke combining two of the internet’s most popular topics: cryptocurrency and Doge. He bought the domain and loaded a photocopied Load on a coin.

“If you want to make Dogecoin a reality, get in touch,” the website said. On the other side of the world, Billy Markus, a software engineer at IBM, connected and installed Dogecoin live. Dogecoin rose more than 60 percent over the last 24 hours and experienced a 1,421 percent increase in trading volume according to crypto data company CoinMarketCap.

Dogecoin’s peak price in 2018 was around two cents, right before it crashed along with the rest of cryptocurrency. Reports suggest that by early 2019, Dogecoin had lost nearly 90 percent of its value and was trading for a fraction of a penny.

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