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”.

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).

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.

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.

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