Meme coin, Dogecoin has gone south after its own Doge Day which was celebrated Monday, April 2020. The coin let fans down with a 32% correction after rising to an all-time high price of $0.418 only to fall back to $0.28 barely 24-hours after.
The goal of Doge day celebration was to get the coin to $1, however, the crypto fell short by $0.58 and even slumped further after Doge day.
Since its fall to $0.28, the token has managed to recover slightly to trade at $0.31 at the time of writing. The big dump was inevitable following the token’s hype-fuelled pump of 250% over the past week.
The coin which was the fifth-largest cryptocurrency on Tuesday has slumped to number six dropping below Tether (USDT).
Snoop Dogg grand celebration of Doge day
After the initiation of the Doge day campaign by community members on Twitter and Reddit, the hashtag, #DogeDay trended all day on Twitter. It spread outside the community with even confectionary brands Snickers and Milky Way joining the frenzy.
Popular music star who has continued providing support for the meme coin, Snoop Dogg celebrated the Doge day in grand style. 4/20 (April 20th) set aside as Doge day is previously used to celebrate cannabis smokers.
The music star famous for his love for weed and Dogecoin celebrated both by integrating the two. He posted a video of Doge alongside several cannabis thereby celebrating both on the said day.
In the video, he traveled to the moon with a Shiba Inu dog. Upon arriving at the destination, the dog is seen dressed in a designated costume with a sign “Snoop Doge,” and, somewhat expectedly, had several cannabis pictures on top of it.
— Snoop Dogg (@SnoopDogg) April 21, 2021
Dogecoin rise to stardom
The meme coin has metamorphosed from the joke it was developed to be to something more huge and obviously not a joke. The coin as said earlier is now the sixth in the market cap charts with $43 billion, according to Coingecko. This puts the token above solid real-world blockchain networks Cardano and Polkadot.
DOGE Day was so large that mainstream media even picked it up with CNBC reporting that the joke coin has made “out of this world gains this year.”