Doge Day Ends With A Whimper Instead Of A Howl As Dogecoin Shrinks Over 20%

“Doge day” turned out to be a damp squib as Dogecoin (DOGE) failed to soar to the levels envisaged by the Doge Army.

What Happened: Instead of taking off to the moon, the Dogecoin rocket came crashing down to earth. DOGE traded 21.28% lower at $0.32 at press time Tuesday night.

In intraday trading, the Shiba Inu-themed cryptocurrency did manage to touch the high of $0.42. A significant mark as Doge Day falls on April 20 and is a reference to the number 420, which itself is associated with cannabis culture.

See Also: How to Buy Dogecoin (DOGE)

DOGE traded 23.8% below that intraday high at press time. The reversal in Dogecoin’s fortunes was paralleled by a rise in both Bitcoin (BTC) and Ethereum (ETH). 

BTC traded 0.16% higher at $55,641.99 and ETH was in the green 6.31% at $2,292.70 at press time.

Why It Matters: Dogecoin fans on social media were gunning for the cryptocurrency to touch 69 cents or $1 levels this week in anticipation of Doge Day.

Tesla Inc TSLA CEO Elon Musk was notably quiet on Twitter on Dogecoin, a topic on which he frequently posts on social media.

See Also: Is Elon Musk's Influence On Dogecoin Price Waning?

“The current retail fervor probably won’t completely give up on dogecoin, but a sell-the-event reaction could be in the cards,” said Edward Moya, senior market analyst for Oanda, a brokerage, CoinDesk reported.

Others think that the fervor is set to continue. “Gaining somewhat of a global cult following, we see little to stop DOGE from continuing to appreciate, at least in the near term,” said Bloomberg Intelligence’s Mike McGlone.

See Also: $1,000 Dogecoin Investment On Jan. 1 Could Buy You A Tesla Model S — But Holding This Crypto Would Have Gotten You 4

Some of the DOGE frenzy seems to have spread to Decentralized Finance coins, according to CoinDesk. SHIBA INU (SHIB) has spiked almost 3,933.33% in a month’s time and Weed Doge (WOGE), has spiked over 1000% since Monday.

Read Next: Is It Worth Buying Dogecoin And Other Cryptos Simply Because They Trade At Low Price Points?