NEW YORK – Dogecoin, the digital currency advertised as the one “favored by Shiba Inus worldwide,” is having its day.
Fans of the cryptocurrency are touting April 20, long an unofficial holiday for marijuana devotees, as “Doge Day” and imploring each other to get its value up to $1. That may not sound like much, particularly when compared against the $50,000 or $60,000 that a bitcoin is worth, depending on the day. But it would be an astonishing ascent from the roughly half of a cent that a Dogecoin was fetching at the start of the year.
Dogecoin, which is pronounced dohj-coin, has already leaped to roughly 39 cents, up more than 8,000% for 2021 so far. That towers over the roughly 11% return for the U.S. stock market, which itself is getting criticism for rising too high. Collectively, dogecoins have a total market value of roughly $50 billion, according to CoinDesk. That puts it on par with Dow Inc. or Kimberly-Clark, which makes Kleenex and Huggies.
Collectively, dogecoins have a total market value of about $46 billion, according to CoinDesk. That puts it in the same neighborhood as Ford Motor Co. and Chipotle Mexican Grill.
A $1,000 invested in dogecoin at the start of the year would be worth over $68,500, based on MarketWatch’s calculation
It’s the day of the doge. At least, that’s how proponents of dogecoin have deemed April 20.
Staunch supporters of dogecoin , which was created as a parody coin, a lighthearted rival to bitcoin, are aiming to push the value of the surging crypto to $1 on Tuesday, which has come to be known as “Doge day