Doge Day is here and it’s the biggest thing to happen to crypto since the Coinbase IPO and Bitcoin’s rise to $60,000.
Mainstream investors can be forgiven if they haven’t heard of Doge Day. It was just created by Dogecoin enthusiasts as the day traders attempt to push the price of the cryptocurrency, which trades at around 39 cents, to $1.
Dogecoin was created as a joke, but the gains are very real. Spurred by the rise of Bitcoin and other cryptocurrencies and regular tweets from Tesla CEO Elon Musk to his 50 million-plus followers, Dogecoin has gone from a fraction of a cent to more than 40 cents a coin this year.
That puts the market value of all the Dogecoins out there at roughly $50 billion. That’s still a fraction of Bitcoin’s $1 trillion market value. It’s a little like the GameStop of crypto markets.
Doge Day is off to an inauspicious start, with Dogecoin down about 3% in early Tuesday trading. That makes sense, if anything can be said to make sense in the crypto markets. Financial asset prices always move in anticipation of actual events, and traders typically sell on the news.
Maybe Dogecoin can eventually hit $1, but traders probably can’t make it happen by declaring Doge Day.