Crypto markets recover but Dogecoin fails to get really, really high on 4/20

Crypto markets are bouncing back but a social media effort to pump Dogecoin to 69c (or “to the moon”) on 4/20 has fizzled.

The meme coin was trading down 17 per cent to US31c at 11.47am AEDT, after hitting an all-time high of US42c yesterday afternoon.

Nearly every other cryptocurrency was strongly in the green this morning, with 36 of the top 100 coins on Coingecko making double-digit gains.

Just four other coins in the top 100 coins had lost ground in the past 24 hours, and they weren’t down much.

Not Doge’s day

It was a reversal of yesterday’s situation, where Dogecoin was one of a few coins to gain ground amid a sea of red.

April 20 is a day associated with cannabis counterculture — 420 is stoner code for smoking dope — and Dogecoin fans had hoped their token would get really high on what they dubbed “Doge Day”.

#doge420 apparently everyone got too high and forgot to buy dogecoin pic.twitter.com/mVpZLNVQwA

— brandon.P (@randomBrand0n) April 20, 2021

Not the day we were expecting, but I’m still holding strong! #dogecoin #dogearmy pic.twitter.com/EgSm7DmOjZ

— Brandon Johnson (@boostedboomer) April 21, 2021

I don’t “smoke” but this doge does
Enough for the both of us
Happy #DogeDay420 #dogearmy pic.twitter.com/dlanSoctUv

— TheÐogeGlory (@GloryDoge) April 20, 2021

ALL ME #dogecoin pic.twitter.com/PJ8sX5fqxn

— Keith “KO kid” Berry (@kokid951) April 20, 2021

Despite the dip, Dogecoin was still up 234 per cent over the past seven days – making it the best performing top 100 coin over that period.

Dogecoin had slipped behind Tether to rank as the No. 6 cryptocurrency, with a market capitalization of $US40  billion ($51.8 billion) — making a project started as a joke worth more than all but 11 of the companies on the ASX.

Ethereum outperforms BTC

Meanwhile Ethereum was up 10.5 per cent to $US2,314 ($3,030), while Bitcoin had advanced just 2.2 per cent to $US55,952 ($73,200).

$ETH may single handedly carry us out of this bear market tbh

keeping an eye on it

— RookieXBT (@RookieXBT) April 20, 2021

PancakeSwap was the only coin other than Dogecoin to hit an all-time high in the past 24 hours – just before lunchtime, in fact. At 12.14pm AEDT it was trading at $28.06, up 28.4 per cent from yesterday.

The PancakeSwap token is used to incentivise liquidity on the PancakeSwap decentralised exchange, a forum for swapping BEP20 tokens on Binance Smart Chain.

Over the last 24 hours:

Only the #PancakeSwap router = 2M transactions

The whole of Ethereum yesterday = 1.55M transactions

The craziest part? Looks like things are just getting started. pic.twitter.com/acZcTiMoqk

— PancakeSwap #BSC (@PancakeSwap) April 21, 2021

Horizen (ZEN) was the best-performing top 100 token in the past 24 hours, up 46.3 per cent. to$US126.

The No. 79 coin on Coinmarketcap, Horizen is an interoperable blockchain system that allows developers and businesses to build their own public or private sidechains.

I’ve watched $ZEN go from $5.11 last year to $80, dip last month to 40$ and move back to $122.

Mad movement, I’d say.

2000%+

— ™ (@lynusmezie) April 17, 2021