How It Affects DogeCoin Prices

DogeDay is coming up and everyone is excited about it. People think it could shake up Dogecoin’s price significantly. We are currently seeing the value of Dogecoin rising in a so-called rally. Let’s take a closer look at how DogeDay could impact Dogecoin’s price, considering the market reaction over the past few years.

1. Doge Day: What’s It

Before we start the analysis, let’s understand what DogeDay actually is.

Dogecoin is a meme coin known for its funny dog ​​logo and active online community. Although DogeDay does not commemorate any major achievements or anything, it is a special day for the DogeCoin community. It’s a little funny because they purposely chose April 20th, April Fool’s Day. This celebration further strengthens the bonds and unity among the members of the community.

Will this celebration really impact Dogecoin’s price trend? That’s what we’ll be looking at.

2. DogeDay Effect: DogeCoin past transaction volume analysis

meme coin 24 hour trading volume,April 18, 2023 24 hour trading volume,April 20, 2023
dogecoin $533.283k $198,445,000

On April 20, 2023, DogeCoin’s 24-hour trading volume increased to $198,445,000 from $116,071,000 reported earlier in the month. Four days after the event, he reached a monthly high of $1.221 million on April 24, 2023, far surpassing his $71.485 million record earlier in the year.

Yesterday, April 18, 2024, the trading volume was approximately $533,283,000. Today, April 19, 2024, it also crossed the $1,282,000 mark.

This is enough to assume that DogeCoin trading activity will increase during the DogeDay celebration period.

Related article: The evolution of Dogecoin and the emergence of DogeDay: What you need to know

3. DogeDay Effect: DogeCoin Price Analysis

meme coin price,April 18, 2023 price,April 20, 2023
dogecoin $0.15 $0.083

The price on April 20th last year was $0.083, lower than the previous day’s closing price of $0.086. The day after Dodger Day, it fell further to $0.0777 (April 21st and 23rd). The market that year was mostly flat. At the beginning of the year, it was around $0.07. Until the end of January. On March 9, 2023, it rose to $0.09, and on April 3, 2023, it rose to $0.09, but in mid-April, the coin’s price began to gradually decline. It remained at the level of $0.06 for a period of time, but at the beginning of December 2023, it temporarily remained in the range of $0.05, but rose to $0.07 in late October.

At the beginning of 2024, the price of DogeCoin was $0.09. It saw significant upward momentum in late February, rapidly rising from $0.08 to $0.11 on February 29th. On March 28th, almost a day after entering this bullish phase, the price reached the $0.21 level.

The current $0.15 is much lower than the peak reached on March 28th.

The data shows that the current trend is slightly in favor of DogeCoin. Unlike previous years, we see a bullish trend supporting the coin.

Read more: Dogecoin Price Prediction 2024 – 2025: Will this break take DOGE price above $1?

Endnotes

The impact of DogeDay on DogeCoin price trend is evident through the increase in trading volume during the festive period. Although historical analysis shows mixed results in price movements, current trends suggest a more favorable outlook, with a bullish trend supporting Dogecoin’s value.

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