While the market is showing a recovery after the weekend’s losses, Dogecoin has resumed its upward trend.
At the time of writing, DOGE is trading at $ 0.39, up 20% in the past 24 hours. But the community around Dogecoin wants more.
This time, enthusiasts are trying to push prices to $ 0.69 (R $ 3.84) until tomorrow, April 20, in the campaign being called # DogeDay420 on Twitter and Reddit.
# DogeDay420
The cryptocurrency that was born as a joke is making its investors laugh at its cumulative high of 430% in 7 days.
Recently, Elon Musk’s darling digital currency and with strong support on social networks has become the 5th largest in market value, surpassing Tether and Cardano.
DOGE left a low of $ 0.071 on April 13 to record a new historic high of $ 0.43 three days ago.
Now, his community wants to make the day 20/4 the international day of Dogecoin celebration, pushing its price to $ 0.69.
Even Snickers, a chocolate bar made by Mars, got on board. On his Twitter account, Snickers started promoting # DogeDay420:
“Guess what day is today? #DogeDay. Tomorrow? # DogeDay420 ”, tweeted.
But $ 0.69 is not the end goal. That’s because the campaign wants to bring the cryptocurrency to $ 4.20 on June 9.
The target price may seem surreal, but some analysts are quite optimistic about the future of DOGE.
According to the trader known for Kaleo, a new historic high for Doge is underway. On Twitter, he shared a chart that indicates an upward movement for cryptocurrency.
Cryptocurrency technical analyst Eric Thies is also optimistic about Dogecoin. As Thies pointed out, the confluence of DOGE versus Bitcoin is extremely high, indicating a strong momentum and trend
“Doge can go for $ 1”, stated.
Price is not sustainable, says executive
But not everything is flowers for Dogecoin. That’s because, according to the founder of Cardano, Charles Hoskinson, the price of DOGE is not sustainable and will fall.
And when that happens, retail investors will lose huge amounts of money very quickly.
In addition, he stated that this move will draw the attention of regulatory authorities:
“When the Dogecoin bubble bursts, it will be a catalyst for regulators and legislators to become more involved with cryptocurrencies and harm the entire industry.”
Read also: Bitcoin investor is beaten and forced to reveal private keys
Read also: Bitcoin’s fall on Sunday did not end the high, study points out
Also read: RECV3, GGPS3 and HCAR3 are actions to keep an eye on this week