Cryptocurrency enthusiasts are keeping a close eye on Dogecoin (DOGE) as the community eagerly anticipates a potential “meme pump” on Apr. 20, a significant date for the meme token.
In a recent tweet, popular crypto analyst K A L E O (@CryptoKaleo) reminded followers that 4/20 is only two days away, suggesting the possibility of a meme pump for Dogecoin.
The Shiba Inu-themed token has been closely associated with the date since its inception in 2013, as the number “420” is also a popular meme within internet culture. Back in 2021, Dogecoin traders even dubbed April 20th as “Dogeday,” with the goal of pushing the token’s price to $1.
Dogecoin experienced a setback earlier this month when Twitter decided to revert to its iconic bluebird logo, replacing the Doge meme that was temporarily swapped in by Elon Musk.
The change had initially resulted in a massive surge in interest and a 30% increase in the cryptocurrency’s value, briefly pushing Dogecoin ahead of Cardano (ADA). Following the return to the bluebird logo, the meme token’s value plummeted by 9%.
The Dogecoin community is hopeful that the upcoming 4/20 date will help the cryptocurrency regain momentum after the disappointing logo change outcome.
The initial swap to the Doge meme had driven a sharp increase in Google searches, but the resulting price rally was relatively modest. This has led some market observers to question whether Elon Musk’s influence on the cryptocurrency’s value is waning.