April 20, or 4/20, has become a significant date for Dogecoin, especially following its explosive growth in 2017, when DogeDay 420 became a thing.
As this special day Is here once again, many wonder if the memecoin will seize the opportunity for another rally.
What is DogeDay 4/20?
In internet and youth culture, the number 420 holds great significance, primarily representing April 20 and sometimes the time (4:20 p.m.). Its legendary story has its roots in the United States and is particularly celebrated by supporters of marijuana culture.
Unsurprisingly, this tradition has found its way into meme culture. It has become part of Dogecoin’s cultural identity since the early days of its hype.
Every year on this day, 4/20, DOGE-themed memes circulate online, delivering the good news in unmistakable fashion.
Dogecoin Price Rally History on April 20
On several occasions, the price of Dogecoin has experienced an unparalleled rally on this particular date, most notably in 2017. Since then, its supporters have eagerly anticipated a similar event each year.
In 2021, the community even dubbed the day “DogeDay,” with hopes of driving the price up to $1.
This year, crypto enthusiasts under the pseudonym CryptoKaleo on Twitter also reminded community members of the upcoming date.
“4/20 is only two days away. Still, I think there’s a chance we’ll see a meme pump for DOGE.”
DOGE Price Development
A few weeks ago, DOGE’s price soared by 30% after Elon Musk replaced Twitter’s logo with the Dogecoin logo. The memecoin briefly surpassed Cardano (ADA) in terms of market capitalization.
This price spike did not meet the expectations of a full-blown rally, sparking doubts about Musk’s influence on the memecoin. There were also speculations about possible insider trading related to this move. Still, Elon Musk reverted the Twitter logo later, triggering a significant sell-off and causing the DOGE price to drop by 9%.
But Twitter’s new CEO appears to be back at it again. Musk has scheduled the test flight of SpaceX’s Starship for April 20.
SpaceX has set its sights on this date for the inaugural flight test of a completely integrated Starship and Super Heavy rocket, launching from Starbase in Texas. The 62-minute launch window is scheduled to open at 8:28 a.m. CT and close at 9:30 a.m. CT, causing rising speculation around the Dogecoin community.
The Community Hopes for a Rally Revival
The Dogecoin community hopes that the beloved date will help the DOGE price regain momentum. And the chances are not unfavorable.
Although the entire crypto market experienced a slight downturn on April 19 that resulted in over $300 million in liquidations, the overall trend suggests rising prices in the future.
Over the past month, DOGE has seen an increase of over 50% and is currently trading at $0.08860. It won’t be surprising if DOGE continues this trajectory and stages another rally on an upcoming day – though perhaps not reaching $1.
Disclaimer
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Source: https://beincrypto.com/dogeday-420-dogecoin-doge-price-potential/