Did DogeDay Spark a Memecoin Recovery?

It took place on April 20, which was Easter Sunday this year, but did DogeDay spark a Memecoin recovery? It was the fourth time so far that DogeDay was celebrated.

Elon Musk, who has been suggested to be Dogecoin’s biggest fan, just posted on the X platform the word ‘Doges!’ in celebration. However, Dogecoin’s official profile on the platform seems to have taken Easter off.

Neither are there any posts about the special day on the Dogecoin foundation site. So who celebrates DogeDay if Dogecoin has not turned up?

Reddit users and multiple users on the X platform have been keeping the tradition of DogeDay alive these last few days. In the past consumer brands like Snickers or Milky Way had helped push the day, but this year it was the core fans of the token that marked the day with celebrations.

User Feedback about DogeDay

You would think that with the increased attention to Dogecoin, that the crypto’s price would react. In fact the crypto did the opposite. It dropped on April 20. Only from 16 cents to 15 cents, and since it has recovered to sit just above 16 cents at time of writing (Coinbase), but it dropped nonetheless.

Users on Reddit have commented how Dogecoin always finishes DogeDay in the red. Others believe the day is just another reason to pump the token.

Users on the X platform have been looking forward. One of them has pointed out how many Dogecoin hodlers are waiting for news on a new Doge ETF that is in process.

One of the companies that will be looking to benefit from the popularity of Dogecoin is Grayscale. The firm already has Bitcoin and ETH ETFs trading on the market, but has also written up a description of the DOGE ETF on its website:

“Grayscale Dogecoin Trust (the “Trust”) is one of the first investment vehicles that enables investors to gain exposure to the token underlying the Dogecoin Network (“DOGE”) in the form of a security while avoiding the challenges of buying, storing, and safekeeping DOGE directly.”

The SEC has also received on April 9, 21Shares’ application for a Dogecoin ETF. The filing was completed by Duncan Moir, President of 21Shares, whom we interviewed last year at DisruptionBanking.

Can Dogecoin go to One Dollar?

The majority of loyal Dogecoin followers are hoping that the cryptocurrency can eventually reach $1. Amazingly, its market cap is already greater than many household brands. Hewlett Packard (HP), Zoom, Warner Bros, Halliburton, Estee Lauder, and a host of other firms have a smaller market cap than Dogecoin. But is the jump to one dollar realistic?

For Dogecoin to hit one dollar its market cap would need to increase dramatically from the $23 billion it is today. It would need a market cap over $150 billion to get there. It’s all time high was $0.71 so far though (Coinbase), and it was back in 2021.

Initial surges of the token when Musk’s DOGE was announced have now faded. But if the wider cryptocurrency market improves, there is every chance that Dogecoin could increase in price. Perhaps not to one dollar, but it could be double of what it is worth today.

Author: Andy Samu

The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organizations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.

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