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Dogecoin cryptocurrency slumps after hashtag-fueled
surge to record high
Dogecoin's raise came during a surge in online trading of stocks and crypto by retail investors, stuck at
home with extra cash because of the Covid-19 pandemic
By Anna Irrera, Tom Wilson, and Gertrude Chavez-Dreyfuss
LONDON/NEW YORK (Reuters) - meme-based cryptocurrency Dogecoin fell on Tuesday after hitting an all-time
high in a wild session that saw supporters of the token once considered a parody use hashtags to fuel a rally until
it lost steam.
Dogecoin ultimately fell 15.4% to US$0.33, but during the session when it hit a record peak, its market
capitalization soared to more than $50 billion. After the slump, its market cap dropped roughly $45 billion,
according to coinmarketcap.com.
By comparison, the wildly popular bitcoin has a market cap of more than $1 trillion.
Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages, and videos on Twitter,
Reddit, and TikTok, referring to the informal April 20 holiday to celebrate cannabis which is marked by smoke-ins
and street parties.
"GIMME THAT DOGECOIN LAMBO!!! #DogeDay" one tweeted, referring to the Lamborghini sports car popular in
An 8,000% price increase this year has seen Dogecoin, launched as a satirical critique of 2013's cryptocurrency
frenzy, overtake more widely-used cryptocurrencies like Litecoin and briefly Tether, to become the sixth-largest
"The current retail fervor probably won't completely give up on Dogecoin," said Edward Moya, senior market
analyst at online FX trading platform OANDA, but he did anticipate the "sell the event reaction" for the