Dogecoin Day: Silence from Elon Musk as Price Lags Behind ATH

On April 20th, the crypto community celebrates the day of the meme cryptocurrency Dogecoin (DOGE), coinciding with the US celebration of Marijuana Day.

Happy Doge Day #CROFam #DogeCoin pic.twitter.com/MX3Vqj2dUe

— Crypto.com (@cryptocom) April 20, 2024

Participants share memes featuring the Shiba Inu dog, using hashtags #DogeDay and #Doge420.

The main proponent of the meme cryptocurrency, billionaire Elon Musk, had not commented on the celebration at the time of writing. Dogecoin co-founder Billy Markus also remained silent.

A user on X, under the pseudonym PennybagsCX, remarked in a greeting that “every day is good if you have a bit of BTC and DOGE.”

Happy 4/20, fam! ??

Today’s not just for the green in your hand but also for the green in your wallet! ?

Let’s light it up for $BTC / #Bitcoin and $DOGE / #Dogecoin Day! ?

Whether you’re hodling, buying dips, or just here for the memes, today’s a day to celebrate the highs… pic.twitter.com/t0iKkM0J5N

— PennybagsCX (@PennybagsCX) April 20, 2024

At the time of writing, Dogecoin is trading at $0.15, having lost 0.1% over the past 24 hours. This is 79.1% below the all-time high reached on May 8, 2021, at $0.7316, according to CoinGecko.

The project’s market capitalization stands at $21.9 billion. Dogecoin ranks ninth among digital assets on CoinGecko.

On March 6, the daily number of transactions on the meme cryptocurrency’s blockchain exceeded 2.1 million, nearing a record high.

For comparison, the Bitcoin network recorded 381,794 transactions on the same day, while Ethereum had over 1.2 million.

In 2024, Musk continued his support for the meme cryptocurrency. In January, he admitted to owning only “a large amount of Dogecoin” among digital assets. In February, his company SpaceX accepted payment in the digital asset for launching the DOGE-1 satellite into space.

In March, Musk suggested that Tesla electric cars might one day be sold for Dogecoin. The billionaire noted that employees of his companies have repeatedly asked to add the meme cryptocurrency as an official payment method. According to Musk, this indicates that the general public prefers Dogecoin.

Director Carl Erik Rinsch of Netflix’s online cinema, instead of filming the series “47 Ronin,” bought DOGE and earned $27 million.

In 2021, Ethereum co-founder Vitalik Buterin revealed that he invested $25,000 in Dogecoin in 2016. He made over $4 million from the meme cryptocurrency.