The value of meme cryptocurrency Dogecoin (DOGE) jumped by a fifth overnight, reaching highs of $0.42 ahead of what the online community is referring to as “DogeDay”.
Although the token has since retreated to $0.35 per unit, the spike in value saw Dogecoin briefly overtake XRP to become the fourth largest cryptocurrency in the world by market capitalization.
As per data from CoinMarketCap, Dogecoin has outperformed all other top-ten cryptocurrencies across the last seven days, recording gains of more than 380%. In the same timeframe, the price of Bitcoin is down roughly 10%, while Ether has recorded little overall movement.
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The crypto and blockchain space is brimming with eccentric and madcap projects, but Dogecoin is perhaps the single best representation of the industry’s anti-conformist inclinations.
Launched in 2013 by IBM developer Billy Markus and Adobe data scientist Jackson Palmer, Dogecoin was supposed to satirize the online frenzy surrounding cryptocurrencies at the time.
Since then, however, it has become a cult symbol adopted by a loyal following. The currency has also been endorsed by a variety of celebrities, such as Snoop Doog, Gene Simmons and, most notably, Elon Musk.
The goal of the cryptocurrency’s acolytes is to drive Dogecoin to a valuation of $1 per unit, more than double the token’s current all-time high. Many had hoped to achieve this goal today, on April 20, crowned “DogeDay” by supporters.
Although a swing in momentum may yet see Dogecoin break new ground, the price has trended downwards for the last handful of hours, suggesting DogeDay may not be quite as momentous an occasion as some had hoped.
TechRadar is supported by its audience. TechRadar does not endorse any specific cryptocurrencies or blockchain-based services and readers should not interpret TechRadar content as investment advice. Our reporters hold only small quantities of cryptocurrency (under $100 in value), as is necessary to perform wallet and exchange reviews, and do not hold shares in any publicly listed cryptocurrency companies.
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Joel Khalili is the News and Features Editor at TechRadar Pro, covering cybersecurity, data privacy, cloud, AI, blockchain, internet infrastructure, 5G, data storage and computing. He's responsible for curating our news content, as well as commissioning and producing features on the technologies that are transforming the way the world does business.