While April 20 or 420 is synonymous with cannabis culture, the day is also considered “Doge Day,” by a great number of dogecoin supporters. The day prior on Twitter, the Doge network’s co-founder Billy Markus asked what people should expect on Doge Day and for dogecoin’s price action. 12 months ago dogecoin was swapping hands for $0.44 per unit on Doge Day and today the meme-based crypto asset is down 65.3% from that value.
Last year during Doge Day, Dogecoin surged 18,299% and saw new high prices
Last year, the popular meme tokenized dogecoin (DOGE) recorded phenomenal gains. Statistics show that on April 16, 2021, DOGE was up 18,299% against the US dollar in 12 months and as April 20, otherwise known as Doge Day, approached, DOGE was awfully close to 0, $50 per unit. Year-to-date metrics show DOGE is currently down 65.3% despite gaining 19.2% in the past 30 days. DOGE also hit an all-time high last year at $0.731 per unit on May 08, 2021, just after last year’s Doge Day. Since that day, DOGE has lost 80.7% of its value against the US dollar.
Doge Day in 2021 was a whole lot different for the meme token as dogecoin got a great deal of attention. For instance, that month in April, the popular talk show host Ellen Degeneres talked about dogecoin with the Shark Tank co-star and billionaire investor Mark Cuban. One dogecoin investor told the press that month he became a millionaire in as little as two months. Another dogecoin investor donated her gains to a dog shelter in Florida after DOGE reached new price highs in April.
While 2022’s Doge Day may be lackluster, Dogecoin is still one of the top 20 crypto assets and biggest meme-based digital currency today
This year dogecoin markets and the hype around meme-based crypto has been extremely lackluster compared to last year. On April 19, DOGE co-founder Billy Markus asked on Twitter: “[Question:] what should we expect [Doge Day] for dogecoin price action tomorrow? [Answer]: nothing.” Later that day, Markus tweeted: “Happy Doge Day”, with a dog GIF animation. There were many dogecoin fans who tweeted celebratory statements about Doge Day, but the day’s accumulation had nothing to do with 2021.
Dogecoin is still the largest meme-based crypto asset by market capitalization with $18.8 billion. DOGE also commands the 12th largest market capitalization out of the 13,671 cryptocurrencies in existence today. It has also inspired a myriad of meme-based crypto assets which are currently worth $34.4 billion today. This included the top meme cryptos below dogecoin’s market cap such as shiba inu (SHIB), dogelon mars (ELON), baby doge coin (BABYDOGE), and floki inu (FLOKI).
