Dogecoin Drops 20 Percent Despite Fans' 'Doge Day' Attempts To Push Up Price

The price of meme-focused cryptocurrency dogecoin slumped between Tuesday and Wednesday this week despite efforts to drive value up.

For many people in the community, April 20 was supposed to be the day that sent the crypto-coin to the moon, with advocates coordinating under the banner "DogeDay" to ride the wave of attention from the annual 4/20 cannabis day celebrations.

The aim, some said, was to buy dogecoin and drive up the price to $0.420 or $0.69. But others had hoped it could potentially reach the coveted $1 mark.

It was not to be. Despite the official DOGE Reddit page and several related hashtags on Twitter, including #DogeDay and #DogeDay420, being filled with memes and hype, the price ultimately fell as the trading period ended, tracking data showed.

According to both CoinMarketCap and CoinDesk, which monitor the prices of cryptos in real-time, a dogecoin was now priced at around $0.32, down by roughly 20 percent over the last 24 hours. Trading volume was also down by about 30 percent.

The data said dogecoin hit an all-time high on April 16, 2021, with a price of $0.437. For legitimate fans of 4/20 the meme-based crypto did manage to briefly hit $0.420 on April 20. Ultimately, it also recorded a low of $0.2716, CoinMarketCap noted.

Metrics from CoinDesk noted dogecoin is still up over 7,000 percent year-on-year, and listed its current supply as being more than 129 billion at the time of writing.

Users of the subreddit r/dogecoin, which has more than one million members, were still uploading memes on Wednesday, many urging others to hold onto their tokens.

DOGE from dogecoin

As with all cryptocurrencies, which are bought and sold online via exchanges and apps, the values can be volatile and are constantly changing. Bitcoin remains the top crypto. For comparison, a single bitcoin is currently priced at more than $55,000.

The reasons for price shifts are difficult to pin down but can result from selloffs, a drop in demand or market corrections. InvestorPlace, a financial news website, reported that dogecoin fans' expectations may have simply exceeded the token's real worth.

In a financial note on April 20, Edward Moya, senior market analyst for the brokerage Oanda, echoed the stance that price hype may have differed from the reality.

"Many retail crypto traders were hoping for today to be a successful 'DogeDay' by sending dogecoin to the moon," Moya wrote, CoinDesk reported.

"Some were eyeing $0.50 as an area to take profit, with others having outlandish hopes of a skyrocketing move to the $1 mark. Current retail fervor probably won't completely give up on dogecoin, but a sell-the-event reaction could be in the cards."

Dogecoin was created by software engineers Billy Markus and Jackson Palmer in 2013, using branding of the Shiba Inu dog meme popular at the time. It has a low price, vast mining supply and is frequently referenced online by tech billionaire Elon Musk.

Markus tweeted on April 20: "Dogecoin shows everything for what it is. The buzzwords don't matter. The "tokenomics" don't matter. The whole thing boils down to one simple fact: Everything is worth exactly what someone is willing to buy it for. That is it."

Dogecoin and bitcoin
In this photo illustration, visual representations of digital cryptocurrencies, Dogecoin and Bitcoin are arranged on January 29, 2021 in Katwijk, Netherlands. Yuriko Nakao/Getty Images