Dogecoin Effect: Why 'Dogecan' Is Trending On Twitter Today

The hashtag “Dogecan” is trending on Twitter Inc.’s TWTR social media platform in the U.S. at press time, thanks to interest in the widely-popular meme cryptocurrency Dogecoin DOGE/USD.

What Happened: The hashtag had a tweet volume of 6,573 tweets, indicating the support it has from the Dogecoin community.

Dogecan is a potential Dogecoin-inspired scent that was teased by Axe, a leading men’s deodorant brand, in a tweet on Tuesday. Axe indicated in a new tweet that Dogecan will be launched on July 20.

Dogecoin co-creator Billy Markus too noted that Dogecan is trending on the social media platform, just hours after he commented that the Dogecoin lovers will have the pleasure of “smelling like doge in a few days.”

pic.twitter.com/JGmIDRMVnH

— Shibetoshi Nakamoto (@BillyM2k) July 16, 2021

Famed Dogecoin investor Glauber Contessoto, who goes by the username ‘SlumDOGE Millionaire” on Twitter, said he is aiming for Dogecoin to reach the milestone of $1 in value with "Dogecan."

#dogecan GO TO $1 DOLLAR!

— SlumDOGE Millionaire (@ProTheDoge) July 16, 2021

Meanwhile, another supporter of the Shiba-Inu themed coin posed the question on Twitter as to what scent people thought Dogecan will have.

See Also: Why Is Baby Doge Coin Surging Today?

Why It Matters: Axe first introduced the idea of a Dogecoin-inspired scent on April 20 this year – a day celebrated as “Doge day” by the Dogecoin community. At that time, the company said it will introduce the scent if Dogecoin’s price touched $1.

However, the price of Dogecoin is presently nowhere near the targeted milestone.

While the meme cryptocurrency’s year-to-date gain stands at an impressive 3,193.2%, it is down 74.6% from its all-time high of $0.7376 reached in May.

Price Action: Dogecoin is down almost 3.9% during the last 24 hours, trading at $0.1865 at press time.

Read Next: Popular Crypto Trader Says He Would Buy Dogecoin If It Fell To This Level