It's almost impossible to predict how or when a cryptocurrency is going to skyrocket. No one could've ever known that Bitcoin or Ethereum would get as huge as they did. But there are some aspects of this new financial territory that are a little easier to figure out, like the fact that currencies would somehow take a dive after one of the world's most popular crypto wallets went public on the stock exchange.
And can crypto investors bank on Doge Day 4/20 actually materializing?
Why is 4/20 destined to be Doge Day?
2021 is fast becoming the year of meme commodities. Jaded thinking, sarcasm, irony, and lampooning even the most "serious" of situations are becoming the norm, and there are some pretty significant consequences of this line of thinking. Just ask all of the hedge funds that got absolutely shellacked by the WallStreetBets Gamestop stock fiasco.
People made millions upon millions of dollars by artificially pumping up the value of Gamestop stocks along with other "dead" retailers and companies like AMC and Blackberry. It looks like the "meme" stock phenomenon is carrying over to Dogecoin, the cryptocurrency that started as a literal joke. It's based on the Doge Shiba Inu meme, and it has seen some really impressive growth in recent months.
A lot of that growth can be attributed to Tesla CEO Elon Musk tweeting about Doge, and while many other cryptos have been falling, Dogecoin has been increasing in value. In fact, as of this writing, it has a higher market cap than Barclays bank. Of course, the crypto market is extremely volatile, not to mention the fact that it's generally unregulated.
To keep the joke going, Dogecoin devotees have vowed to push the meme currency to .69 cents a token on April 20, to actualize the 4/20/69 middle school joke.
Not only is April 20 a national stoner holiday, but some also consider it "Elon Musk Day," as it's the billionaire's favorite day of the year.
There are tons of memes already spreading about the meme currency (meme-ception) and if the crypto blows up, then it'll be yet another instance of specific bits of internet culture affecting the world in unforeseen ways.
Some people think that the crypto will even hit a dollar apiece on Doge Day. Most people feel that on 4/20, it'll jump up significantly. The amount it will go up, though has yet to be seen. It's difficult to imagine it'll go anywhere near what Bitcoin's worth, seeing as there's a limited number of bitcoins that can be mined.
Unless some type of cap on the number of Dogecoins is implemented, it probably won't launch into the stratosphere of cryptos, but then again...who knows what'll happen with the value of the meme money.
Remember when Pokémon cards shot up in value? Beanie Babies? Or how about the current trend of buying and re-selling sneakers?
The truth is that no one knows how high, or how low Dogecoin will go. What we do know is that anything can happen in the Wild West of cryptocurrencies. You just gotta get lucky, it seems, to turn a ginormous profit.