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Doge Day Has An Elon Musk Connection, Meme Coin Rebounds After The Bitcoin Halving 'Sell-The-News' Drop

Published 20/04/2024, 14:59
© Reuters.  Doge Day Has An Elon Musk Connection, Meme Coin Rebounds After The Bitcoin Halving 'Sell-The-News' Drop

Benzinga - by Shanthi Rexaline, Benzinga Editor.

The Doge community around the world celebrate April 20 as Doge Day, which coincides with “Weed Day.”

What Happened: Doge Day is an informal event celebrated annually by Dogecoin (CRYPTO: DOGE) fans. The day typically sees a surge in the price and trading volume of the crypto. This year, the event has come just after the Bitcoin (CRYPTO: BTC) halving event, which reduces the supply of the apex crypto.

As cryptocurrencies have surged leading up to the halving event, the usual “sell the news” behavior has been observed in the market. Bitcoin last traded at $63,867.45, down 1.50% over the past 24 hours, according to Benzinga Pro data.

Doge, meanwhile, is seeing modest strength, as it has added 0.48% to $0.153275.

The dog-themed crypto was late to the crypto party during the recent uptrend and began to break out a broad trading range only in late February. It peaked at $0.226581 on March 28 and has since come off the level. Despite the upward bounce seen in the near term, the crypto is trading well off its all-time high.

After peaking at $0.737567 on May 8, 2021, Doge witnessed a downward move for about a year and consolidated mostly under $0.10 until early this year.

The Musk Connection: Musk, who was once very vocal about Doge and often talked up the meme coin with his comments, very rarely speaks about it now. Given his strong backing of the coin, he used to be known as the “Dogefather.”

On X, Musk reshared a post from a Dogecoin graphic designer, who said the day marked the first anniversary of the launch of Starship, a powerful launch vehicle developed by SpaceX capable of carrying up to 100 people on long-duration interplanetary flights.

Why It’s Important: Crypto trader Yomi, however, shrugged off the day’s significance. Explaining why Doge had not taken off on Saturday, he said in a post on X, “Because the reality world doesn't care. Focus on the charts eliminate meaningless events and emotions and you will make money. The rest will fail.”

Read Next: 10-Year-Old Dogecoin Wallet Sold 5 Million DOGE, Missed Out On Millions In Profit

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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