Dogecoin community push to make April 20 ‘Doge Day’
Dogecoin’s astonishing surge in the past week has been amazing enough, but now proponents of the cryptocurrency are promoting a celebratory holiday — Doge Day — for the coin originally based on an internet meme. Advocates are hoping to see Dogecoin hit $1 on April 20 — one week after it was valued at just 9¢.
Dogecoin has already hit some financial landmarks that didn’t seem possible at the start of the year. Its market value has topped $50 billion, making it bigger than Ford or Marriott. And if it comes close to hitting its target Tuesday, it could outpace some blue-chip companies.
Elon Musk seemingly had nothing to do with the furor surrounding Dogecoin. This time, the credit goes, in mostly to the doge twitter community, which Slim Jim has recently joined.
The packaged meat product latched on to Dogecoin-mania on its Twitter account last Wednesday (saying “RT to send Doge to the moon!!”— the rallying cry among the r/WallStreetBets crowd for GameStop stock). The movement is seemingly being supported by other brands such as Snickers.
Previously Dallas Mavericks announced acceptance of Dogecoin for their ticket merchandise sales – a move that has been successful commercially and from marketing point of view. I should not come as a surprise that other merchants are following.
Dogecoin has had a value of half a cent for most of its seven-year history. There has been a lot of misunderstanding how new Dogecoins are issued, which massively affects the valuation of the coin. Dogecoin advocate itsALLrisky explained the annual issuance of new coins in a series of tweets (highly recommeded read):
“Each year, 5 billion new $DOGE are added to this supply So #Dogecoin has an infinite supply ONLY over infinite time”
Elon Musk commented the inflationary nation of Dogecoin and compared its transaction speed to Bitcoin:
“Doge appears to be inflationary, but is not meaningfully so (fixed # of coins per unit time), whereas BTC is arguably deflationary to a fault.
Transaction speed of Doge should ideally be a few orders of magnitude faster.”
In February, word escaped that an unknown entity or person currently holds roughly 28% of the Dogecoin in circulation — some 38.6 billion Dogecoin. After today’s high point ($0.43), that was worth nearly $16.6 billion.
In time of publication, Dogecoin was hovering at $0.3872 up 24.5% to in the last 24 hours according to CoinMarketCap. Year to date, the cryptocurrency is up a mind-boggling 8,224%.
