If you’ve been following the cryptocurrency markets, you may have heard of Dogecoin, the popular meme token that has taken the world by storm. And if you’re a Dogecoin investor or enthusiast, you’re probably eagerly anticipating the upcoming 4/20 date, which has long been associated with the Shiba Inu-themed token.
In a recent tweet, popular crypto analyst K A L E O (@CryptoKaleo) reminded followers that 4/20 is only a few days away, suggesting the possibility of a meme pump for Dogecoin. This is because the number “420” has become a popular meme within internet culture, making it the perfect day for Dogecoin’s community to push the token’s price up.
Back in 2021, Dogecoin traders even dubbed April 20th as “Dogeday,” to push the token’s price to $1. While the price did not quite reach that level, it did experience a significant increase on that day. This year, the Dogecoin community hopes the upcoming 4/20 date will help the cryptocurrency regain momentum after a recent setback.
Earlier this month, Twitter decided to revert to its iconic bluebird logo, replacing the Doge meme temporarily swapped in by Elon Musk. The change had initially resulted in a massive surge in interest and a 30% increase in the cryptocurrency’s value, briefly pushing Dogecoin ahead of Cardano (ADA). However, following the return to the bluebird logo, the meme token’s value plummeted by 9%.
Despite this setback, the Dogecoin community remains optimistic about the future of the token. They believe that the upcoming 4/20 date could be a catalyst for a new rally, as the meme-driven hype is likely to bring in new investors and increase demand for the cryptocurrency.
However, some market observers have expressed skepticism about Elon Musk’s influence on Dogecoin’s value. While the billionaire tech entrepreneur has been a vocal supporter of the token, his tweets and comments about the cryptocurrency have been known to cause significant price swings. As a result, some investors are now questioning whether his influence on the cryptocurrency’s value is waning.
Regardless of Elon Musk’s influence, Dogecoin’s community remains committed to promoting and popularizing the token. The upcoming 4/20 date is just one example of their efforts to drive up the token’s value through social media and online memes. So, get ready for the Dogecoin meme pump – it could be a wild ride!