"Dogecoin Day" heats up rapidly, another retail giant accepts Dogecoin payments, and the top cryptocurrency players dominate the world

Yesterday, Dogecoin enthusiasts wanted to set off a wave of Dogecoin craze today, making April 20 "Doge Day" on social media, which is also International Marijuana Day. Their goal is to raise the price of Dogecoin to its all-time high of $0.69. From the beginning of 2021 to now, Dogecoin has risen from a small altcoin worth only $0.007 to a new high of $0.45. On Monday, Dogecoin's total market value ranking even briefly surpassed XRP and jumped to fourth place. Even today, despite the decline of the entire market, Dogecoin has gained more than 20%.

According to Google Trends, searches for "Dogeday" have been increasing overnight, and the hashtag has been gaining traction on the social media platform. Currently, Dogecoin has a social engagement rate of 931% and a social advantage of over 536%. Elon Musk has not tweeted anything about Dogecoin in the past week, and Dogecoin has been the top currency in the cryptocurrency circle recently.

Dogecoin dominates the list and becomes the top currency in the circle

Some say that even Jackson Palmer, the founder of Dogecoin, could not have imagined that Dogecoin would accumulate such a huge momentum and attract worldwide attention when he launched it on December 6, 2013. For many years, its main use has been to provide fun for its niche community. Its low value made it somewhat popular as a tipping token, just like a coin in a piggy bank, just enough to make a difference in the total. Almost no one expected Dogecoin to become rich. In 2021, Dogecoin not only soared by more than 800% in price, but also received tweets from Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban.

Snickers, which has nearly 410,000 followers on Twitter, also joined the trend. Milky Way, which also belongs to the world's largest candy empire Mars, later congratulated Dogecoin on its upward trend on Twitter.

April 20th came at a perfect time for Dogecoin, which has never been closer to breaking the dollar mark than now. At the beginning of the year, the price of Dogecoin was 1 cent, and on January 27, the coin jumped to $0.03. On the same day, a popular Twitter account named @WSBCchairman (WallStreetBets sub-forum) tweeted: "Dogecoin has ever reached 1 dollar?"

As the “stonk” and Dogecoin worlds became increasingly united in highlighting the absurdity of securities trading and the arbitrary nature of value assignment, Dogecoin began a months-long campaign to reach the $0.10 mark. It finally reached that level on April 12 and has quadrupled in just one week to its current $0.40, according to Nomics data.

Although the entire cryptocurrency market plummeted over the weekend and Bitcoin fell by $5,000 since last Friday, Dogecoin did not follow this trend. After a brief stagnation on Friday, it directly pumped all the way and took a place in the top five cryptocurrency market capitalizations.

Newegg Embraces Dogecoin

Newegg, a large American retailer specializing in computer accessories and consumer electronics, announced today that the company will add Dogecoin as an official payment method on Newegg.com to celebrate Dogecoin Day.

Newegg said on Twitter: "We now accept Dogecoin as an official payment method through BitPay. Happy DogeDay and let us share this good news." When completing an order on Newegg, customers can now choose DOGE as a payment option on the checkout page by clicking "Edit" and selecting the BitPay service.

“The excitement and momentum surrounding cryptocurrency is undeniable, and the recent surge in Dogecoin’s value highlights the need to make it easier for customers to make purchases using this popular cryptocurrency,” said Andrew Choi, senior brand manager at Newegg.

Going out of the independent market

What sets Dogecoin apart from other cryptocurrencies is that 61% of Dogecoin HODLers have held the coin for more than a year. This is obviously not the case for most other cryptocurrencies that offer double- and triple-digit returns. Most Dogecoins offer high short-term ROI and low long-term ROI, and interestingly, the opposite is true for Dogecoin. The most interesting thing is that Dogecoin has gone out of its way to be independent of Bitcoin, and despite this, when Bitcoin goes up, Dogecoin goes up with the rest of the cryptocurrencies.

A week ago, a market researcher pointed out that the current price position of Dogecoin is ridiculous. However, the community's control over Dogecoin far outweighs the fundamentals at present, and while investing in the asset is still as risky as possible, the rewards are there for traders who dare to take risks.

Overall, Dogecoin is a joke coin, which doesn’t mean it has no value.