Doge Day ended with supporters of the joke cryptocurrency slinking away with their tails between their legs.
While the shiba inu-themed Dogecoin was touted as heading to $1 on April 20 — or 4/20, a day associated with marijuana — it ended up in the doghouse, falling as low as $0.271 cents at one point. That’s a drop of more than 35% from its initial spike to $0.42, which was just short of its April 16 all-time high of $0.437.
Dogecoin’s current $0.3096 marks a decline of 13.5% in 24 hours.
Its market capitalization also dropped to $39.9 billion at the time of writing after reaching more than $54 billion yesterday — down almost 20%. That knocked it from the sixth-largest cryptocurrency to No. 7.
Doge Day began about a week ago with a meme-fueled campaign on Reddit and Twitter to pump Dogecoin, a cryptocurrency that was created as a joke, only to catch the crypto community’s eye — and sense of humor. That somehow drove it to its current position as a top 10 cryptocurrency by market cap, despite it having little if any actual utility.
Where was Elon?
One thing that may have muzzled Doge Day was the lack of support from Elon Musk, who has regularly championed it on Twitter.
The SpaceX and Tesla CEO’s Dogecoin memes regularly cause its price to jump, yet he was notably silent on Tuesday.
That left the campaign without its main and expected booster, who has an affinity for both Dogecoin and marijuana-themed tweets.
Musk’s April 15 tweet of “Doge barking at the moon” saw its price double to $0.24 in a day. It also jumped after he announced that he’d bought Dogecoin for his son X Æ A-12 in order to make him the first “toddler hodler.”
Still, it’s worth noting that Dogecoin remains well above the $0.05 at which it started the month.