DOGE Day Was A Bust, The Price Dropped 20%: Price Analysis

DOGE day turned out to be a bust as the price dropped by 20% right after the day ended do let’s read more in our latest DOGEcoin news today.

Dogecoin holders were supposed to celebrate the DOGE day but the coin dropped 20% rather quickly. The meme makers boosted the prospects of the coin of it hitting the $1 mark but the coin didn’t obey.

The sixth biggest cryptocurrency by market cap crashed and hit The sixth biggest cryptocurrency by market cap crashed and hit $0..
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29 from an all-time high of $0.40 over the weekend. The current price of $0.34 is where doge is after the 20% drop in the past 24 hours as per the data by Nomics.  The Doge Day like all crypto phenomena these days, started on the internet a week ago when the Redditors and Twitter fans posted memes of rallying cries which encourages others to pump up the price of the coin.

if it gets to $1, we’ll make it happen. #dogeday #doge420 pic.twitter.com/XssGr6EeHe

— AXE (@AXE) April 20, 2021

The made-up holiday had some prominent brand backers like Axe Body Spray and Snickers behind it. What it hasn’t had was the endorsement of Elon Musk as the biggest DOGE supporter. The Tesla CEO enjoyed tweeting about the token which was created in 2013 as a joke. Musk invoked DOGE in a tweet last week and spotlighted the cryptocurrency to his 50 million followers as it capitulated from the $0.14 to the $0.40 level in only a few days. Musk said that his tweets on DOGE are meant as a joke but there was evidence that these tweets despite being a joke, directly impacted Dogecoin’s price.

The hardcore supporters are still hoping that Musk hasn’t already forgotten about this coin.

Guess what day it is? #DogeDay. Tomorrow? #DogeDay420 😎 (not an actual Snickers pack, just a cool #doge gif) pic.twitter.com/9GAeFsRJU9

— SNICKERS (@SNICKERS) April 19, 2021

As reported a day ago, While DOGE suffered a dip, the drop was trivial compared to the rest of the market. It then recovered and made 12% gains by the end of the day. A few figures came forward and warned against Doge’s lack of fundamentals. As it can be seen from the charts, the coin proved to be more resilient than “blue-chip” offerings. This begs the question, what exactly is happening to this cryptocurrency? On the other hand, coins like DOT and ADA suffered percentage losses in their mid-twenties and still have to recover to pre-flash crash levels with the coin now being up 20% from the time of the dip while DOGE holds strong.