Dogecoin at $0.44 embraces ‘literal moon’ ahead of Elon Musk SpaceX launch

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Bitcoin (BTC) could also be flagging, however one cryptocurrency couldn’t be much less fazed by the market downturn, hitting new all-time highs.

Dogecoin (DOGE), the altcoin based mostly on a Shiba Inu meme, handed $0.40 for the primary time on April 19, capping weekly positive aspects of 400%.

New all-time highs preserve coming for DOGE

The rags-to-riches strikes by DOGE all through 2021 have wowed pundits and left former bagholders weeping. Now, it seems that even a flash bear market can’t cease its moonshot.

Simply seven days in the past, DOGE/USD traded at $0.07. As Cointelegraph reported, year-to-date gains are now in excess of 7,500%, while the pair is up almost 18,000% versus the same date in 2020.

While this naturally beats the rises in Bitcoin, Ether (ETH) and others, the query now’s what is going to occur subsequent and whether or not an equally spectacular reversal is on the playing cards.

On the time of writing, DOGE/USD, in the meantime, traded at $0.36, already a substantial method under its all-time excessive of $0.445.

DOGE/USD 1-hour candle chart (Bittrex). Supply: TradingView

All eyes on “Dogecoin Day”

SpaceX and its “technoking” Elon Musk could have the reply. On April 22, a flight is because of launch that Musk previously hinted would “put a literal Dogecoin on the literal moon.”

Since his April Idiot’s Day tweet, Dogecoin has seen engagement like by no means earlier than, dwarfing even that which accompanied Musk’s earlier endorsements. In addition to the hashtag “#DogeDay” trending in the US on Twitter, knowledge from Google Traits exhibits that “Doge” is within the technique of being Googled greater than ever. Nonetheless, different social media metrics are suggesting that the craze may already fading on social media.

Google search curiosity for “Doge.” Supply: Google Traits

One other improvised red-letter day is April 20, or “Dogecoin Day 4/20,” which in keeping with social media is allegedly when DOGE/USD will hit $4.20 per coin.

Amid the fervor, nevertheless, stood some voices of purpose. Amongst them was dealer Scott Melker, who informed U.S. merchants trying to ebook income to be aware of authorized implications.

“For those who imagine that $DOGE (or one other coin) is the way forward for cash, please keep in mind that the federal government views it as property and each single time you spend it it’s a taxable sale of the coin,” he warned.

“That is necessary. Purchase one thing with crypto within the US = promoting crypto.”

Bitcoin, in the meantime, might solely yap at Dogecoin’s heels, down 0.7% on the day to remain near $55,000.