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Which one is Bitcoin? The community celebrates Dogecoin Day, market cap returns to fifth place, Musk reviews last year's tweet: This is inevitable.

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Which one is Bitcoin? The community celebrates Dogecoin Day, market cap returns to fifth place, Musk reviews last year

Despite the ongoing market correction, Dogecoin (DOGE) has been performing as if it were in a major bull market. With the support of long-term holders, traders, and the social media hashtag #DogeDay420, Dogecoin has been rising against the trend. Tesla founder Elon Musk also revisited his tweets about Dogecoin from last year.

Dogecoin Makes History

Dogecoin has had an impressive performance in the past week, according to data from Messari, including:

  • 7-day increase: 298%
  • 30-day increase: 553%
  • 90-day increase: 4097%
  • DOGE/BTC pair hit an all-time high on 4/19

As of the deadline, Dogecoin has slightly pulled back to $0.406, but its market cap has once again returned to fifth place amidst larger declines in mainstream coins.

Community Hashtag #DogeDay420

The hashtag #DogeDay420 has recently caused a frenzy on platforms like Twitter and Reddit. While 4/20 is unofficially known as International Marijuana Day, Dogecoin enthusiasts have linked this day with Dogecoin, designating it as Doge Day.

The community's goal is not only to reach $0.42 on 4/20, but also:

  • Reach $0.69/$1 on 4/20
  • Reach $4.20 on 6/9

Major Brands Celebrate Dogecoin Day

Not only the crypto community, but even brands like Milky Way and Snickers suddenly joined in the celebration of this whimsical holiday.

Elon Musk, founder of Tesla, also looked back on his tweet about Dogecoin from July last year after the DOGE/USD pair hit a new high of $0.45. In the meme image, a Shiba Inu carries the Dogecoin storm hitting the global financial system, to which Musk had commented at the time: "It was inevitable."

As of now, Dogecoin's exaggerated surge has pushed its market cap beyond companies like Spotify and Ford, ranking it at 244 globally. If it were to rise to $1, Dogecoin would surpass financial giants like Citigroup and Morgan Stanley.

In actuality, Dogecoin has far exceeded the expectations of its founder, Billy Markus. In a previous report, he continuously expressed that Dogecoin reaching $1 was unrealistic, stating:

People dream that when Dogecoin reaches $1, its market cap will exceed companies like Boeing and Starbucks. But does Dogecoin really deserve such a high market cap? I can't understand, let alone answer.

Recently, Cardano founder Charles Hoskinson also warned that some "smart whales" or those manipulating the market like WallStreetBets have driven the surge in Dogecoin, advising everyone to "make money and run," and claiming that once the bubble bursts, it may likely prompt regulatory bodies like the SEC to investigate.