The price of a single dogecoin rose as much as 20% to 42 cents on Tuesday, according to CoinDesk’s data, which was Friday’s high of 45 cents on Friday. On Twitter and Reddit, crypto enthusiasts posted memes with the Dogecoin logo, a Shiba Indu dog, with the hashtag #DogeDay and # Doge420.
Social media users have also drawn links between Dog Day and Weed Day, which is celebrated on April 20 by marijuana smokers.
The popularity of Dogecoin has risen this year, in part through the adoption of bitcoin and other cryptocurrencies by business investors and mainstream investors.
Last week, the price of a single dogecoin doubled thereafter Tesla (TSLA) Elon Musk, CEO, his main supporter and former public weed smoker, said ‘Doge barks on the moon’ in a tweet. He also shared a photo of a painting by Spanish artist Joan Miró, entitled ‘Dog Barking at the Moon’.
According to CoinMarketCap, Dogecoin is now the world’s fifth most valuable cryptocurrency. The strong demand for the virtual currency briefly disrupted Robinhood’s crypto trading systems on Thursday as the platform struggled to process an increase in orders.
The cryptocurrency, created as a joke by some software engineers in 2013, did not have much real use outside of some niche markets, including typical artists.
Unlike bitcoin, which set 21 million as the final amount of the digital currency, dogecoin has 129 billion coins in circulation and will make new blocks of coins available to mine every year.
This is part of the reason why one dogecoin costs less than $ 1, while each bitcoin costs about $ 55,000.
– David Goldman and Diksha Madok contributed to this report.