In this episode of the BeInCrypto video news show, host Jessica Walker will discuss the recent developments for Dogecoin. This week, Twitter has alight with the Dogecoin community pushing for a #Dogeday. After a recent rise of 400%, where can Dogecoin’s price go from here?
What is #DogeDay420?
The #DogeDay420 and #Dogeday hashtags have been trending on Twitter over the last several days. The Dogecoin (DOGE) community has also been working to push the price to 69¢ and the ultimate goal of $1. What could be triggering these absurd demands?
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It likely stems from Dogecoin being a meme cryptocurrency. So many goals associated with it are likely to be ironic in nature. For instance, some investors want to transform what has traditionally been a date celebrated by smoking dope into a date for the smoking hot DOGE. Similarly, Doge enthusiasts want the price to rise to 69¢ due to its suggestive association.
Price Analysis
A quick look at the hourly chart shows the rally started on April 13 and hasn’t lost steam since.
In all likelihood, the price will change, but the levels to watch are $0.43 and $0.50 on the upside and $0.23 as support at the time of recording. Next, we take a look at what the driving forces are behind this outstanding movement.
Price boosters
It’s impossible to say exactly what triggered the pump in Dogecoin. But we have identified several bits of news that may have combined to create the perfect storm for a Dogecoin rally.
First, it was included on the earnings call of meat snack SlimJim who reported a surge in social media activity. This came after they decided to combine their branding with Dogecoin memes.
The reference was apparently the first time Dogecoin has ever been featured in an earnings call. And it is certainly the first instance of a public company deploying a full strategy around DOGE. This highlights how Dogecoin has become a serious business while staying true to its roots as a meme coin.
The Coinbase public listing has also been credited with bringing indirect attention to Dogecoin. The crypto exchange made its public debut last week, generating more attention for cryptocurrencies, despite not offering Dogecoin.
The momentum was also helped along by several companies announcing they will be accepting payment in DOGE. Luxury hotel chain Kessler Group, easyDN, and Bots Inc have joined the Dallas Mavericks in accepting DOGE.
Market reactions
With this push for its own day and a surge in price, Dogecoin has dominated social media. According to Lunarcrush, DOGE has passed Bitcoin for prolonged periods of time in social mentions and reach.
Mark Cuban also reported that his NBA team, the Dallas Mavericks, has seen a 550% rise in sales with Dogecoin. Regarding DOGE’s surge, the billionaire said that “supply and demand are undefeated” as a method of determining prices.
Some refuse to get caught up in the wave of enthusiasm. Chief among them is Charles Hoskinson. The founder of Cardano and Ethereum flat out said this is a bubble that only invites regulation. Meanwhile, others have described DOGE as a Ponzi scheme.
Despite DOGE’s doubters, the coin’s increased exposure is likely to see it offered on more platforms. For instance, already on US trading platform WeBull.
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