Dogecoin has that day as crypto fans push it up

New York (AP) — Dogecoin, a digital currency advertised as “supported by Shiba Inu around the world,” is entering its era.

Cryptocurrency enthusiasts have touted April 20th, a long informal holiday for marijuana enthusiasts, as “Doge Day” and begging each other to value it up to $ 1. Especially when compared to the $ 50,000 or $ 60,000 worth of Bitcoin on some days, it may not sound that much. But what Dogecoin had acquired earlier this year would be a staggering rise from about 0.5 cents.

Dogecoin, pronounced dohj-coin, has already jumped to about 39 cents and has so far risen by more than 8,000% in 2021. It outperforms the return of about 11% on the US stock market, which has been criticized as being too expensive in itself. According to CoinDesk, the total market value of Dogecoin is about $ 50 billion. This is Dow Inc, which manufactures Kleenex and Huggies. Or equivalent to Kimberly-Clark.

Dogecoin proponents are trying to help it abandon its image as a joke cryptocurrency and be seen as a way to make quick and easy transactions, but so far most retailers have accepted it. There is none.

It also attracted buyers who want to take part in the next “meme” investment after GameStop’s share price surged more than 1,600% in January, making spectacular profits for some timely retail investors. I will. Those buyers use many of the same slogans as GameStop investors and promise their prices “towards the moon.”

But critics say the almost incredible rise in Dogecoin is another example of the fever of buying the next big thing that is pushing up prices across investments, and those who buy now are probably in case of pain. Say there is.

Some large companies are also involved. Online electronics retailer Newegg is celebrating #DogeDay and said it is accepting Dogecoin for purchases through payment service provider BitPay.

“The excitement and momentum about cryptocurrencies is undeniable. The recent surge in value of Dogecoin underscores the need to make it easier for customers to buy with this popular cryptocurrency,” said Andrew Choi, senior brand manager at Newegg. Says.

However, the rise of Dogecoin is a little slower on Dogecoin’s day. After surpassing 42 cents overnight, it has fallen as the morning progresses, with some buyers entering the market with anxiety.

“It’s like a cross between a mud and a tulip mania,” said one Reddit user, dangermousmeme, in a discussion about Dogecoin after asking if another user was a safe investment. “Safety is absolutely the last thing.”

“Let’s hope this goes up!” Another Reddit user, Enough-Construction 5, wrote after stating that he had purchased $ 500 worth of Dogecoin. “It’s better than putting it in a slot machine!”