‘Dogecoin Day’ brings volatility for meme-inspired crypto
April 20, written as 4/20 in US-style calendars, carries significance among the internet meme community and cannabis users for its association with marijuana smoking
The value of meme-inspired cryptocurrency Dogecoin was on a roller coaster ride on Tuesday as the advent of ‘Dogecoin Day’, April 20 (or 4/20 in the US date format), once again brought the currency to the attention of traders.
The price of the currency, which was founded in 2013 but shot to prominence in early 2021 thanks partly to the influence of high-profile figures such as () boss Elon Musk, rose to US$0.421 at around midday on Monday, its highest value since April 16, before falling back overnight.
READ: Dogecoin worth more than Lloyds, BT after price surges nearly 200%
At the time of writing, the value of Dogecoin is currently trading at around US$0.396, down 4.3% over a 24-hour period following a period of heavy swings throughout Tuesday morning.
The day of 4/20 holds special significance to meme-literate investors and the wider internet community in general due to its use as a code term for the smoking of marijuana. Unsurprisingly, April 20 is also observed by some cannabis users as an informal day to celebrate the drug.
Dogecoin’s slip over the course of the day follows heavy losses suffered by more mainstream cryptos such as Bitcoin over the weekend as jitters over potential crypto money laundering charges in the US sent prices tumbling across the sector.
However, those that have held Dogecoin for an extended period are unlikely to break a sweat over its recent slide, as the crypto’s value is still up around 8,347% so far this year.
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