Dogecoin Fans Are Planning To Push Value To 69 Cents To Celebrate Dogeday420
Fans of Dogecoin are hoping to push its value to $0.69 in celebration of the weed-themed 4/20, or as investors in the cryptocurrency have named it, ‘Dogeday420’.
The hashtag #Dogeday420 had been trending across Reddit and Twitter today, as people place their bets on the likelihood of setting a new record high for the meme-inspired currency.
‘IT’S HAPPENING!! #DogeDay420 #doge to hit 69 cents on this historic day 4/20- Likely even before (Today!) LETS GO! Retweet if you want #dogecoin to hit .69!,’ one enthusiast wrote on Twitter.
It seems that a new record for Dogecoin is not out of reach, as the currency surged by more than 200% on the weekend, hitting an all-time high of $0.43, as per Coindesk. The surge is remarkably impressive, given that it had a value of $0.07 on April 13.
The huge increase likely attributed to the current enthusiasm around the currency, as many stating that they think Dogecoin is ‘going to the moon’ – a phrase often used by traders to describe a currency that they believe is going to shoot up.
Among Dogecoin’s fans, the most famous is undoubtedly Elon Musk. On Friday, April 16, the currency shot up to $0.298 after Musk posted a tweet saying, ‘Doge barking at the moon’, alongside a photograph of a painting by Spanish artist Joan Miró, which is titled ‘Dog Barking at the Moon’.
Uphold, a California-based cryptocurrency exchange told Forbes that the number of people buying Dogecoin has doubled in the past week. While the cryptocurrency’s rocketing value is attracting investors, some experts have issued words of warning for new buyers.
‘Dogecoin’s rise is a classic example of greater fool theory at play, dogecoin investors are basically betting they’ll be able to cash out by selling to the next person wanting to invest,’ David Kimberley, an analyst at UK-based trading app Freetrade, told Forbes.
He said that essentially, people are currently buying up the cryptocurrency – that as he points out, has no meaningful value – with the hopes that when the price gets pushed up, they can sell and make some quick money.
‘People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck,’ he said.
But when everyone is doing this, the bubble eventually has to burst and you’re going to be left short-changed if you don’t get out in time. And it’s almost impossible to say when that’s going to happen,’ he added.
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