Yesterday was two unofficial holidays people had high hopes for. It was Pot Day (4/20, everyone) and Dogeday. Pot Day went off as expected: People got high and had access to some good deals on munchies. But Dogeday? Woof—it was pretty bad.
But just what was Dogeday? It was a holiday orchestrated by cryptocurrency speculators who wanted to pump the Dogecoin (DOGE) up in value. Their goal was to see DOGE hit $1 by the end of the day. That would have been more than doubling the $0.42 price of a Dogecoin on Monday.
— Scott BurkΞ ⟠ (@scottburke777) April 20, 2021
But far from just cryptocurrency speculators at least a few brands got in on the Dogeday hype as well.
— AXE (@AXE) April 20, 2021
We are now accepting #dogecoin as an official payment method via BitPay.
Simply click "Edit" in the payment section during checkout, select @BitPay, and complete your transaction.
— Newegg (@Newegg) April 20, 2021
So how high did DOGE go on Dogeday? It didn’t. As a matter of fact, Dogecoin moved in the opposite direction. DOGE started at $0.42 Tuesday morning but by end of day Tuesday it had fallen over 20% to $0.33 per coin.
— Oli (@mosbylol) April 21, 2021
As of the time of this writing, DOGE is down even further, hovering at around $0.30 per coin. So what happened? As Sebastien Galy, a strategist at Nordea, summarized to Yahoo Finance: “Beanie Baby fervor has reached the crypto space with Dogecoins.”
The main issue, most experts agree, is that, unlike bitcoin, Dogecoins are primarily used as speculative digital assets instead of being used as a means of exchange. In other words, at least for now, Dogecoin is more bark than bite.