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DOGE Day sees 20% losses

Photo of: Joseph Stone
by Joseph Stone

The DOGE Day or Dogecoin token day did not have the outcome expected by its promoters. On social networks, holders wanted to pull the price of the cryptocurrency beyond one dollar. The failure is stinging.

April 20 was supposed to be Doge Day, that is, the day of the cryptocurrency Dogecoin. The movement was born on social networks, Twitter, but also Reddit in the United States. The objective of its promoters: to raise the price beyond the dollar.

The result is not at all up to these expectations. On the contrary, the price of DOGE ended up falling sharply over the period. The joke and the popularity on social networks have limits.

Retail investors may also have been burned by the GameStop/Robinhood adventure at the beginning of the year, and then by the XRP adventure. The campaign on social networks resulted in a plunge in prices. In short, pump & dump.

On the morning of April 20, DOGE was trading at $0.40, not far from its ATH of $0.44. During the day, its price fell below 30 cents. By 12:30 p.m. on April 21, it was trading at about $0.31. The 24-hour decline is therefore around 20%.

For CoinDesk, “the DOGE army is retreating with its tail between its legs”. More soberly, Decrypt calls Doge Day a failure. Yet, on Twitter, the movement was underway. Even international brands such as Axe deodorants and Snickers chocolate bars were involved.

An e-commerce site, Newegg, announced a new payment method. The retailer now allows its customers to pay for their purchases in Dogecoin via their BitPay wallet. It is one of the first merchants to accept DOGE.

This announcement did not, however, pull the value of the cryptocurrency, which is still performing strongly in 2021 though. Recall that on April 13, DOGE was trading at around $0.07. Three days later, it peaked at $0.43.

By April 16, its capitalization had reached $52 billion, more than the market valuation of major banks, such as Barclay’s, CoinDesk noted. DOGE ranked as the 5th largest cryptocurrency in the world.

If DOGE misses its day, demonstrating the limits of a social network action, it is nevertheless not without provoking reactions. And the token’s successor may have appeared in recent days.

Dogecoin is emulating and several cryptocurrencies are hoping to ride the wave to replicate the success of this one. And with some success at times, at that. SHIB, or “dogecoin killer,” climbs more than 5000% over a month, including 95% on April 19 alone. Same trend for WOGE.