Dogecoin Day: Meme-token Clones Deliver Outsized Gains to Holders

The frenzy around Elon Musk’s favourite coin, Dogecoin (DOGE), has driven price surges of thousands of percent for certain imitation-project tokens over the past two weeks. The asset itself has returned to the top five by market capitalization, at about $50 billion.

Memes are the new currency.
Operation Dogeday Part One pic.twitter.com/lpxjkKqbXT

— The Chairman (@WSBChairman) April 20, 2021

Twitter and Reddit users marked April 20 as Dogecoin Day. It was timed to coincide with the U.S. Marijuana Day. Participants post memes featuring a Shiba Inu, the token’s symbol, accompanied by the hashtags #DogeDay and #Doge420.

The campaign was also backed by chocolate-bar manufacturers Snickers and Milky Way.

Guess what day it is? #DogeDay. Tomorrow? #DogeDay420 😎 (not an actual Snickers pack, just a cool #doge gif) pic.twitter.com/9GAeFsRJU9

— SNICKERS (@SNICKERS) April 19, 2021

On Tuesday, 20 April, the price of DOGE reached $0.42. At the time of writing the coin had fallen 3.4%, to around $0.38, according to CoinGecko. Over a year the asset has risen by 18,540%, and over 14 days by 541%.

Launched at the end of February, Akita Inu (AKITA) rose 2.5 times in 24 hours. In two weeks the coin’s price rose 301-fold. The daily trading volume stood at a hefty $378.3 million. This figure is higher than that of Avalanche ($351.6 million) and Compound ($308.1 million). The token is traded on Uniswap, Poloniex, Hotbit, Gate.io, LBank and MCX.

“AKITA INU is a 100% decentralised community experiment. Half of the tokens were sent to Vitalik Buterin, the other half were locked in the Uniswap pool, after which the keys were destroyed. This is the same as SHIBA INU, but with a different tokenomics”, — according to the project’s website.

Users did not overlook other Dogecoin clones on #DogeDay.

In the last 24 hours, Shiba Inu (SHIB) rose 21.1%, over two weeks — 6,750%. The coin’s daily trading volume reached $549 million, surpassing the volume of the Kusama token on the Polkadot testnet. Besides Uniswap, the asset is listed on Gate.io and Hotbit.

Even more rose the Dogeswap token (DOGES). In 24 hours the asset rose 806.5%, in 14 days — 1,918%. For DogeFi (DOGEFI) these figures are 128.2% and 5,675.3%, respectively.

Earlier, Charles Hoskinson called the Dogecoin activity a bubble and predicted its crash, which would prompt tighter market regulation.

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