Dogecoin Price Hits $0.420 a Minute After Midnight on Doge Day 4/20

Dogecoin hit $0.420 on April 20 as investors celebrate the boom in price on what they have dubbed "DogeDay." Dogecoin hit $0.420105 at one minute after midnight CT, according to Coindesk.

The meme-inspired cryptocurrency also shot to $0.420 at 11.55 p.m. BST on April 19 but fell below the $0.420 goal as Doge Day began in the U.K.

At the time of writing, Dogecoin is trading for $0.389671, after hitting a 24-hour high of $0.436103 and a 24-hour low of $0.341093.

Cryptocurrency tracker Blockfolio joked about the $0.420 price on Twitter and said: "Dogecoin reached $0.420 on 4/20. Your simulation writing is getting a bit lazy and obvious, @elonmusk"

Dogecoin reached $0.420 on 4/20. Your simulation writing is getting a bit lazy and obvious, @elonmusk

— Blockfolio (@blockfolio) April 20, 2021

Dogecoin investors are trying to rebrand the cannabis-themed holiday 4/20 as DogeDay and hope to mark the day by seeing the cryptocurrency's price reach either $0.420, $0.69, or even $1.

Early on Tuesday morning, the #DogeDay hashtag was trending third on Twitter in the U.S., behind "Happy 420" and #420Day, as Dogecoin fans celebrate the day by sharing jokes and memes on social media, as they rally together in the hopes that the cryptocurrency will enjoy a boom.

Major companies are now accepting Dogecoin, including Dallas Mavericks, airBaltic, and Post Oak Motor Cars, while brands such as Snickers and Milkway shared their support for Dogecoin ahead of Doge Day.

Meanwhile, nearly 150,000 people have signed a petition calling on Amazon to accept Dogecoin. The petition was established four years ago but only amassed 100,000 signatures in the past two months, amid a boom in interest in cryptocurrency.

Dogecoin was created in 2013 by Jackson Palmer and Billy Markus to satirize the growth of altcoins. Coindesk says that: "While it was birthed as a joke, it actually led to some practicality as its large supply and low price facilitated efficient micro-tipping content on social media.

"It is a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm. Dogecoin has 1-minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate infinitely."

When asked last week if he could ever see Dogecoin hit $1, Markus told Newsweek via email: "It's an open market, so the current value is simply decided by whatever someone is willing to pay for it at a specific point in time.

"If the world collectively decides they are willing to purchase it for a dollar, then it's worth a dollar. In the world of cryptocurrency valuations, I would say, historically the question is less about 'why?' and more about 'why not?'"

Dogecoin Cryptocurrency
A visual representation of digital cryptocurrencies Dogecoin and Bitcoin. Dogecoin hit $0.420 at a minute past midnight CT on 4/20. Yuriko Nakao/Getty