DogeDay hashtags help meme-based cryptocurrency Dogecoin hit new high
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    Dogecoin prices hit an all-time on Tuesday, with a market capitalisation
    above $50 billion, after social media fans used hashtags to fuel a
    rally in the meme-based cryptocurrency.To get more news about WikiFX, you can visit wikifx.com official website.



      An 8,000% price surge this year has seen Dogecoin, which was launched
    as a satirical critique of 2013's cryptocurrency frenzy, overtake more
    widely-used cryptocurrencies like Tether to become the fifth-largest
    coin.



      While Dogecoin, whose logo features a Shiba Inu dog at the centre of
    the meme, a represents only a fraction of bitcoin's $1 trillion value,
    it can be traded on crypto exchanges and more popular mainstream trading
    apps.



      “The Doge rally represents an interesting convergence,” said Diana
    Biggs, CEO of crypto start-up Valour, after Dogecoin's price soared by
    more than five-fold in the last week to a record $0.42, according to
    CoinMarketCap.



      “A meme coin created as a joke for early crypto adopters whose
    community found that kind of thing to be fun, with now a new generation
    of retail investors for whom memes are a native language,” Biggs added.



      Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post
    memes, messages and videos on Twitter, Reddit and TikTok, referring to
    the informal April 20 holiday to celebrate cannabis which is marked by
    smoke-ins and street parties.



      “GIMME THAT DOGECOIN LAMBO!!! #DogeDay” one tweeted, referring to the Lamborghini car popular in crypto culture.



      ONLINE TRADING



      Dogecoin's rise has come amid a surge in online trading of stocks and
    crypto by retail investors, stuck at home with extra cash because of the
    COVID-19 pandemic. It has not coincided with a growth in usage of the
    coin for payments or in commerce.



      The same trend has spurred a boom in usage of online trading apps like
    Robinhood, and also fuelled the social-media driven rally in GameStop
    Corp (NYSE:GME) stock that pitted retail investors against hedge funds
    earlier this year.



      “It's an extension of the same phenomenon that has led Tesla
    (NASDAQ:TSLA) stock to be valued well beyond fundamentals and more
    recently to the GME (GameStop) short squeeze,” said Ajit Tripathi, head
    of institutional business at decentralised finance startup Aave.



      Like other cryptocurrencies, Dogecoin's price is heavily influenced by
    social media users including Tesla chief Elon Musk, whose tweets on the
    cryptocurrency in February sent its price soaring over 60%.



      “If this goes as planned and everybody including Mr Musk go ahead and
    just pour money into Doge on April 20th all at once Doge will reach
    prices that originally were not even conceptual,” a TikTok user said in a
    video promoting the coin.

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