This may limit Bitcoin (BTC), but the cryptocurrency cannot be less worried about the market downturn as it is hitting new permanent highs.
Dogecoin (DOGE), an alternative currency based on the Shiba Inu meme, surpassed $ 0.40 for the first time on April 19, thanks to a 400% gain over the week.
New standard heights are constantly appearing in DOGE.
DOGE’s transformation into wealth by 2021 impressed critics and left past luggage owners in tears. Now it seems that even the fast bear market cannot stop the moonlight.
Just seven days ago, DOGE / USD was trading at $ 0.07. According to Cointelegraph, the annual gain is currently in excess of 7,500%, while the pair is up nearly 18,000% on the same date in 2020.
While this naturally overcomes the rise in Bitcoin, Ether (ETH) and others, the question now is what comes next and whether there will be an impressive reversal on the cards.
At time of writing, DOGE / USD is trading at $ 0.36, already well below the high of $ 0.445.
1-hour light chart of DOGE / USD (Bittrex). Source: TradingView
All eyes are on Dogecoin Day
SpaceX and Elon Musk’s techno have the answer. On April 22, the flight that Musk had previously suggested will “literally send Dogecoin to the real moon.”
Following the April Fools’ Day Twitter post, Dogecoin generated an unprecedented backlash, eclipsing even what followed Musk’s previous endorsements. In addition to the popular US hashtag “#DogeDay” on Twitter, Google Trends data shows that “Doge” is being searched more on Google than ever before. However, other social media accounts indicate that the obsession may indeed disappear on social media.
Interest in Google searches for “Doge”. Source: Google Trends.
Another impromptu day with a red letter is April 20, or Dogecoin Day 4/20, which according to social media comes when DOGE / USD hits $ 4.20 per coin.
However, in the midst of the glow, there were some reasonable sounds. Among them was trader Scott Melker, who told US traders who want to distribute profits to be aware of the legal implications.
“If you think that $ DOGE (or another currency) is the money of the future, remember that the government considers it property, and every time you use it, it is a taxable sale of currency,” he warned.
“It is important. Buy something with US cryptocurrency = sell cryptocurrency. ”
Bitcoin, meanwhile, can only deviate by Dogecoin’s heels, dropping 0.7% on the day to remain around $ 55,000.