'DogeDay420': Fans of Dogecoin cryptocurrency plan to push its value to reach new highs

Dogecoin, a cryptocurrency that started as a joke in 2013 is now witnessing rise in its value. Last week, on April 16, the digital currency’s value peaked at $0.29. The rate that marked its highest price, came just two after it reached the milestone of valuing 10 cents. At present, Dogecoin is soaring high with a price of US $0.39. 

On April 20, Dogecoin may see yet another test, as crypto-traders are aiming to inflate the price of the cryptocurrency to reach the highest value possible – but the aim at the moment is 69 cents. With its present market cap at 49,932,464,477, Doge is currently the fifth highest valued cryptocurrency in the world.

A public moment to push the prices of Dogecoin started on Reddit before gathering momentum on Twitter.  “$1 is inevitable, and we can take a pit stop at the moon, sure, but our lord and saviour doge ought not to be limited by such small goals,” wrote a Twitter user reiterating the belief that its price would reach $1 soon. “The moment is now. We can mother heckin do this,” added another.

What is Dogecoin?

Created in 2013, the token came into existence as a joke centred around a meme featuring a Shiba Inu dog, the coin then virtually stagnated before the recent popularity, according to Express.co.uk. Dogecoin, in comparison to Bitcoin, is somewhat different. The cryptocurrency has no limit to how many DOGE tokens can be mined, as per Coindesk. However, both, Bitcoin and Dogecoin, are based on blockchain technology, an ingenious peer-to-peer record-keeping system designed to be highly transparent and secure, and widely distributed.

On Thursday, Elon Musk shared a cryptic image on Twitter that signified that DOGE was going to the Moon. 'To the Moon' is a term that was popularised by Wall Street Bets and Reddit. Fueled by Elon Musk's tweet, a lot of people bought large quantities of Dogecoin (DOGE), which drove up the prices from a 24 hour low of 0.10 dollars to 0.33 dollars a 200 per cent rise in the price. 

(Image Credits: Representative Image/ Twitter)