Reddit Dogecoin (DOGE) 420: What Does It Mean?

Dogecoin DOGE 420

✍️ 11 November, 2022 - 9:17 👤 Editor: Jakub Motyka

Dogecoin (DOGE) 420 was trending on social media after the meme token rallied past $0.42. The momentum came from a sentiment seeking to create 'DogeDay 420' – marked every April 20 - as a celebration of the top meme cryptocurrency.

Coincidentally, Doge 4/20 is the international Weed day and a favorite day for Elon Musk, one of the Dogecoin enthusiasts. The calendar date began on April 20, 1971, when a group of friends in California used the term 420 or 4.20 pm to meet and smoke cannabis. Musk has pumped Dogecoin in the past with phrases like ‘Dogecoin is the people’s crypto’ and ‘No highs, no lows, only Doge.’

Elon Musk Twitter Acquisition And Institutional Adoption Boost DOGE

Besides, the billionaire recently acquired Twitter in the event that equally pumped the price of the meme token. Musk has announced that the canine-themed token will be used as a payment option for Twitter. Currently, DOGE works as payment at Tesla and The Boring Company – all affiliated with Musk.

Elon Musk Dogecoin
Elon Musk is well known for his references to Dogecoin (DOGE) crypto.

One Twitter user, @itsALLrisky, observed that Dogecoin is growing into a ‘cultural phenomenon.’ He added that more brands were accepting the token in payments, also getting growing media attention.

Dogecoin 4/20: Dogecoin Up 85% In The Past Month

Cryptocurrency data platform, CoinMarketCap, shows Dogecoin ranks #8 with a market valuation of $15 billion. The run-up to the DogeDay 4/20 has spiked the price of the meme cryptocurrency. DOGE, started as a joke in 2013, jump 85% in the last month from a low of $0.062, and 60% in the last three months.

Dogecoin (DOGE) Whale
Dogecoin (DOGE) has a market valuation of $15 billion.

Still, other analysts believe the 420 hype aims to drive up the price of Dogecoin. Hargreaves Lansdown’s senior investor, Susannah Streeter, said that the trend aims to use ‘hashtags and cries on the internet forums’ to pump DOGE.

Streeter is skeptical that the hype is from traders trying to play the system and benefit from a surge in price. She cautioned the market that the sentiment is purely speculative and has no valuation basis. Meanwhile, cryptocurrencies are on a retracement, with BTC and ETH trading at their lowest yearly values, at the time of publication. 

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