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Dogecoin jumps 20% as crypto fans declare Doge Day

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The price of a single dogecoin jumped up 20% on Tuesday to 42 cents, approaching Friday’s all-time high of 45 cents, according to CoinDesk data. Turned on Twitter i Reddit, cryptography enthusiasts posted memes with the Dogecoin logo, a Shiba Indu dog, with the hashtags #DogeDay and # Doge420.
Social media users also established links between Doge Day and Weed Day, held on April 20 by marijuana smokers.
The popularity of Dogecoin has increased this year, driven in part by the bitcoin adoption and other cryptocurrencies by business and major investors.
Last week, the price of a single dogecoin doubled afterwards Tesla (TSLA) Elon Musk, CEO, his most prominent advocate and former audience weed smoker, said “Doge barking at the moon” in a tweet. He also shared a photo of a painting by Spanish artist Joan Miró, entitled “Dog barking at the moon”.
Dogecoin review is now the fifth most valuable cryptocurrency in the world, according to CoinMarketCap. A strong demand for virtual currency briefly demolished Robinhood’s cryptocurrency trading systems on Thursday as the platform struggled to process an increase in orders.

Created in 2013 by a couple of software engineers as a joke, cryptocurrency doesn’t have much use in the real world outside of a few niche markets, including upcoming online artists.

Unlike Bitcoin, which has set 21 million as the finite amount of digital currency, dogecoin has 129 billion coins in circulation and will continue to make new currency blocks available to each block.

This is part of the reason why a dogecoin costs less than $ 1, while each bitcoin costs about $ 55,000.

– David Goldman and Diksha Madok contributed to this report.

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