Dogecoin at $0.44 embraces ‘literal moon’ forward of Elon Musk SpaceX launch

Bitcoin (BTC) could also be flagging however one cryptocurrency couldn’t be much less fazed by the market downturn, hitting new all-time highs.

Dogecoin (DOGE), the altcoin based mostly on a Shiba Inu meme, handed $0.40 for the primary time on April 19, capping weekly good points of 400%.

New all-time highs maintain coming for DOGE

The rags-to-riches strikes by DOGE all through 2021 have wowed pundits and left former bagholders weeping. Now, it seems that even a flash bear market can’t cease its moonshot.

Simply seven days in the past, DOGE/USD traded at $0.07. As Cointelegraph reported, year-to-date good points at the moment are in extra of seven,500%, whereas versus the identical date in 2020, the pair is up nearly 18,000%.

Whereas this naturally beats the rises in Bitcoin, Ether (ETH) and others, the query now’s what is going to occur subsequent and whether or not an equally spectacular reversal is on the playing cards.

On the time of writing, DOGE/USD in the meantime traded at $0.36, already a substantial manner under its all-time excessive of $0.445.

DOGE/USD 1-hour candle chart (Bittrex). Supply: TradingView

All eyes on “Dogecoin Day”

SpaceX and its “Technoking” Elon Musk could have the reply. On Thursday, a flight is because of launch which Musk beforehand hinted would “put a literal Dogecoin on the literal moon.”

Since his April Idiot’s Day tweet, Dogecoin has seen engagement like by no means earlier than, dwarfing even that which accompanied Musk’s earlier endorsements. In keeping with knowledge from Google Traits, “Doge” is within the strategy of being extra googled than ever, regardless of findings which will counsel the craze is already fading on social media.

Apart from the hashtag “DogeDay” trending within the U.S. on Twitter, knowledge from Google Traits exhibits that “Doge” is within the strategy of being extra googled than ever. Nevertheless, different social media metrics are suggesting that the craze could already fading on social media.

Google search curiosity for “Doge.” Supply: Google Traits

One other improvised purple letter day is Tuesday, April 20, or “Dogecoin Day 4/20,” which on social media is allegedly when DOGE/USD will hit $4.20 per coin.

Amid the fervor, nevertheless, stood some voices of motive. Amongst them was dealer Scott Melker, who informed U.S. merchants seeking to e book income to be aware of authorized implications.

“When you consider that $DOGE (or one other coin) is the way forward for cash, please keep in mind that the federal government views it as property and each single time you spend it it’s a taxable sale of the coin,” he warned.

“That is vital. Purchase one thing with crypto within the US = promoting crypto.”

Bitcoin in the meantime may solely yap at Dogecoin’s heels, down 0.7% on the day to remain near $55,000.