4/20 is widely known in the United States as the day when marijuana lovers celebrate their love for the intoxicating plant by smoking it. It is also dubbed “Dogeday”, a significant date for the Shiba Inu-themed token. As the day nears, the DOGE Army is holding out for a potential meteoric surge for the leading meme-centric cryptocurrency.
There is no denying the fact that Dogecoin is one of the most polarizing cryptocurrency projects in the market today. On the one hand, most believe the meme token is largely a joke that has long overstayed its welcome; however, there are also fans — including a string of celebrities and business moguls — who are fairly confident it’s a legit financial instrument that will stick around for the foreseeable future.
The prices of the nine-year-old cryptocurrency have swung up and down in recent weeks — mostly thanks to its de facto master, Elon Musk.
The eccentric billionaire has long loved Dogecoin. Earlier this month, DOGE rocketed over 25% after Musk’s Twitter replaced the social media website’s familiar blue bird logo with the token’s dog. The logo disappeared from Twitter’s platform, and the coin plummeted sharply again.
Now, Dogecoin enthusiasts are optimistic that the imminent Dogeday will light a fire under the bulls, thus igniting a fresh parabolic rally after the disappointing Twitter logo change fallout.
Where Is DOGE Heading?
Musk has previously revealed that he wanted to integrate crypto payments into Twitter — and even hinted that DOGE would be the microblogging platform’s currency. However, no solid plans along these lines have been announced yet.
Nonetheless, many pro-Dogecoiners are rooting for the price of the token to reach the ultimate price point of $1, perhaps driven by sentiment on social media and massive DOGE buys.
Dogecoin, the eighth-largest cryptocurrency by market cap, is plunging in value today as Bitcoin slips below the psychologically important $30,000 level in a sudden sell-off. DOGE was down 5.3% at the time of publication, trading hands for $0.088004, according to CoinGecko.
Whether the upcoming Dogeday helps the token regain upward momentum or turns out to be a nothing-burger remains to be seen.