The price of a single dogecoin rose by up to 20% on Tuesday to 42 cents, approaching the all-time high of 45 cents on Friday, according to CoinDesk data. On Twitter and Reddit, cryptographic enthusiasts posted memes with the Dogecoin logo, a Shiba Indu dog, with the hashtags #DogeDay and # Doge420.
Social media users also drew links between Doge Day and Weed Day, which is celebrated on April 20 by marijuana smokers.
Dogecoin’s popularity has grown this year, partially fueled by the adoption of bitcoin and other cryptocurrencies by business and major investors.
Last week, the price of a single dogecoin doubled after adze (TSLA) CEO Elon Musk, his most prominent supporter and former public weed smoker, said “Doge barking at the moon” in a tweet. He also shared a photo of a painting by Spanish artist Joan Miró, entitled “Dog barking on the moon”.
Dogecoin is now the fifth most valuable cryptocurrency in the world, according to CoinMarketCap. Strong demand for virtual currency briefly dropped Robinhood’s cryptocurrency trading systems on Thursday as the platform struggled to process an increase in orders.
Created in 2013 by a pair of software engineers as a joke, the cryptocurrency doesn’t have much use in the real world outside of a few niche markets, including online type artists.
Unlike Bitcoin, which has set 21 million as a finite sum of digital currency, dogecoin has 129 billion coins in circulation and will continue to provide new blocks of currency each year.
This is part of why a dogecoin costs less than $ 1, while each bitcoin costs about $ 55,000.
– David Goldman and Diksha Madok contributed to this report.