As April 20, or “Dogeday” approaches, the Dogecoin community is eagerly awaiting a potential “meme pump” for the popular Shiba Inu-themed token.
Cryptocurrency enthusiasts are keeping a close eye on Dogecoin (DOGE) as the community eagerly anticipates a potential “meme pump” on April 20, an important date for the meme token.
In a recent tweetPopular crypto analyst KALEO (@CryptoKaleo) reminded followers that 4/20 is just two days away, suggesting the possibility of a meme pump for Dogecoin.
The Shiba Inu-themed token has been closely associated with the date since its inception in 2013, as the number “420” is also a popular meme in internet culture. In 2021, Dogecoin traders even dubbed April 20 “Dogeday,” in an effort to push the price of the token to $1.
Dogecoin suffered a setback earlier this month when Twitter decided to revert to its iconic Bluebird logo, replacing the Doge meme that was temporarily replaced by Elon Musk.
The change initially led to a massive spike in interest and a 30% increase in the value of the cryptocurrency, briefly pushing Dogecoin ahead of Cardano (ADA). Following the return of the bluebird logo, the value of the meme token dropped by 9%.
The Dogecoin community hopes that the upcoming date of 4/20 will help the cryptocurrency regain momentum after the disappointing result of the logo change.
The initial exchange with the Doge meme resulted in a large increase in Google searches, but the resulting price hike was relatively modest. This has led some market watchers to wonder if Elon Musk’s influence over the value of cryptocurrency is waning.