{"id":187676,"date":"2021-04-20T20:00:34","date_gmt":"2021-04-20T19:00:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=187676"},"modified":"2021-10-16T02:39:16","modified_gmt":"2021-10-16T01:39:16","slug":"dogecoin-steals-the-crypto-spotlight-as-dogeday-trends-on-twitter","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/dogecoin-steals-the-crypto-spotlight-as-dogeday-trends-on-twitter\/","title":{"rendered":"Dogecoin steals the crypto spotlight as &#8216;DogeDay&#8217; trends on Twitter"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/cryptoslate.com\/coins\/dogecoin\/\">Dogecoin<\/a> (DOGE) stole the crypto spotlight after its price skyrocketed by more than 500% over the past week. The Shiba Inu-themed token surged from a low of $0.070 to make a new all-time high of $0.46 on Apr. 16, surpassing <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether<\/a> as the fifth-largest cryptocurrency by market capitalization.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The hype around Dogecoin seems to be fueled by a new social media campaign dubbed &#8216;#DogeDay420' that attempts to take over Apr. 20 (or 4\/20).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This date is an informal colloquialism for smoking cannabis in popular culture. However, cryptocurrency enthusiasts want to make it an unofficial DOGE holiday by pumping prices to $0.69.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/cryptoslate.com\/people\/antoni-trenchev\/\">Antoni Trenchev<\/a>, the co-founder of crypto-lending firm <a href=\"https:\/\/cryptoslate.com\/companies\/nexo\/\">Nexo<\/a>, believes that the Dogecoin community could achieve its goal since it is composed of millennials who show disdain for the traditional financial system.\u00a0<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">&#8220;There's a tribe of investors, many of them millennials, who see it as a cause, a movement. Dogecoin is symptomatic of the zeitgeist happening before our very eyes,&#8221; <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-20\/dogecoin-rips-in-meme-fueled-frenzy-as-biggest-cryptos-struggle\">said<\/a> Trenchev.\u00a0<\/span><\/p><\/blockquote>\n<p><span data-preserver-spaces=\"true\">The truth is that #DogeDay420 has received support from the chocolate bar brands <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/SNICKERS\/status\/1384167131873300487?s=20\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Snickers<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/milkyway\/status\/1384230106500001793?s=20\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Milky Way<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0while online retailer Newegg is now\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/Newegg\/status\/1384356278638571525\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">accepting<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0Dogecoin as an official payment method.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Guess what day it is? <a href=\"https:\/\/twitter.com\/hashtag\/DogeDay?src=hash&ref_src=twsrc%5Etfw\">#DogeDay<\/a>. Tomorrow? <a href=\"https:\/\/twitter.com\/hashtag\/DogeDay420?src=hash&ref_src=twsrc%5Etfw\">#DogeDay420<\/a> ? (not an actual Snickers pack, just a cool <a href=\"https:\/\/twitter.com\/hashtag\/doge?src=hash&ref_src=twsrc%5Etfw\">#doge<\/a> gif) <a href=\"https:\/\/t.co\/9GAeFsRJU9\">pic.twitter.com\/9GAeFsRJU9<\/a><\/p>\n<p>&mdash; SNICKERS (@SNICKERS) <a href=\"https:\/\/twitter.com\/SNICKERS\/status\/1384167131873300487?ref_src=twsrc%5Etfw\">April 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Although Dogecoin's social media frenzy has certainly picked up momentum, some prominent figures in the cryptocurrency industry are concerned.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/cryptoslate.com\/people\/charles-hoskinson\/\">Charles Hoskinson<\/a>, the creator of <a href=\"https:\/\/cryptoslate.com\/coins\/cardano\/\">Cardano<\/a> and CEO of <a href=\"https:\/\/cryptoslate.com\/companies\/input-output-iohk\/\">IOHK<\/a>, maintains that the ongoing narrative around DOGE reflects &#8220;market manipulation&#8221; orchestrated by &#8220;clever whales&#8221; who plan to dump their tokens on unaware investors. The former Ethereum developer argued that the recent price action that Dogecoin has experienced is not sustainable and could lead to massive losses.<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">&#8220;If you've made money, great, but get the hell out of it! It's a bubble, it's not real, there's nothing sustainable there,&#8221; <a href=\"https:\/\/www.youtube.com\/watch?v=rM9DWe3-glg&ab_channel=CharlesHoskinson\">said<\/a> Hoskinson.<\/span><\/p><\/blockquote>\n<h2><span data-preserver-spaces=\"true\">Dogecoin sits on a stable support<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\"><a href=\"https:\/\/cryptoslate.com\/companies\/intotheblock\/\">IntoTheBlock's<\/a> &#8220;In\/Out of the Money Around Price&#8221; (IOMAP) model reveals that Dogecoin sits on top of stable support. Nearly 62,200 addresses bought roughly 9.16 million DOGE between $0.368 and $0.372.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Such a crucial area of interest might contain any potential downswings from morphing into a steep correction. Holders within this range may do anything to prevent their investments from going &#8220;Out of the Money.&#8221;<\/span><\/p>\n<figure id=\"attachment_187677\" aria-describedby=\"caption-attachment-187677\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-187677 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Screen-Shot-2021-04-20-at-12.06.35-PM-1024x398.png\" alt=\"In\/Out of the Money Around Price by IntoTheBlock\" width=\"1024\" height=\"398\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Screen-Shot-2021-04-20-at-12.06.35-PM-1024x398.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Screen-Shot-2021-04-20-at-12.06.35-PM-300x117.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Screen-Shot-2021-04-20-at-12.06.35-PM-768x298.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Screen-Shot-2021-04-20-at-12.06.35-PM-1536x597.png 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/Screen-Shot-2021-04-20-at-12.06.35-PM-2048x795.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-187677\" class=\"wp-caption-text\">In\/Out of the Money Around Price by <a href=\"https:\/\/cryptoslate.com\/companies\/intotheblock\/\">IntoTheBlock<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">It is worth noting that the IOMAP cohorts show that a breach of the $0.372 support level could validate Hoskinson's bearish outlook. Based on this on-chain metric, there isn't any significant demand wall underneath this price hurdle that would prevent Dogecoin from erasing most of the gains incurred.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin (DOGE) stole the crypto spotlight after its price skyrocketed by more than 500% over the past week. The Shiba Inu-themed token surged from a low of $0.070 to make a new all-time high of $0.46 on Apr. 16, surpassing Tether as the fifth-largest cryptocurrency by market capitalization.\u00a0 The hype around Dogecoin seems to be [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":187708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,77032,15323],"tags":[74035],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dogecoin steals the crypto spotlight as &#039;DogeDay&#039; trends on Twitter<\/title>\n<meta name=\"description\" content=\"DogeDay is finally here, and cryptocurrency enthusiasts prepare for another bullish impulse that could take Dogecoin to $0.69.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/dogecoin-steals-the-crypto-spotlight-as-dogeday-trends-on-twitter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin steals the crypto spotlight as &#039;DogeDay&#039; trends on Twitter\" \/>\n<meta property=\"og:description\" content=\"DogeDay is finally here, and cryptocurrency enthusiasts prepare for another bullish impulse that could take Dogecoin to $0.69.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/dogecoin-steals-the-crypto-spotlight-as-dogeday-trends-on-twitter\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-20T19:00:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-16T01:39:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/04\/doge-spotlight.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/dogecoin-steals-the-crypto-spotlight-as-dogeday-trends-on-twitter\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/dogecoin-steals-the-crypto-spotlight-as-dogeday-trends-on-twitter\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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