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How high can Dogecoin go? Traders test price limits with Doge Day campaign on April 20

Traders are looking to make the price of Dogecoin surge.

How high can Dogecoin go? Traders test price limits with Doge Day campaign on April 20
[Photo: Ankudi/iStock; Andre Tan/Unsplash]
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Think today is only Weed Day? Think again. April 20 is now also Doge Day.

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Using the hashtags #DogeDay and #Doge420 on social media, some cryptocurrency fans are looking to make the price of Dogecoin surge.

Dogecoin may have been started as joke—and today’s designation comes 19 days after April Fools’ Day—but this is for real.

The goal is to get it up to $1 per coin. It reached above 40 cents today, but currently is around 34 cents, according to CoinDesk, a news site that tracks digital currencies. At he start of the month, Dogecoin was worth only around 5 cents.

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The cryptocurrency, featuring a picture of a Shiba Inu, has seen its value skyrocket an incredible 6,000% since the start of the year, trading under the ticker DOGE. There are an estimated 129 billion Dogecoins, with plans to add 5 billion-plus new ones annually.

Tesla cofounder and CEO Elon Musk and his tweets have helped fuel the surge. As recently as Friday, he referenced it on Twitter.

Dogecoin was created in 2013 by two software engineers to satirize the growth of digital currency’s growing popularity.

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On Doge Day, the namesake hashtag was all over Twitter, TikTok, and Reddit.