The price of a single dogecoin rose a whopping 20% to 42 cents on Tuesday, approaching Friday’s high of 45 cents, according to CoinDesk data. On Twitter and Reddit, crypto enthusiasts posted memes featuring the Dogecoin logo, a Shiba Indu dog, with the hashtag #DogeDay and # Doge420.
Social media users also linked Doge Day to Weed Day, which is celebrated by marijuana smokers on April 20.
Dogecoin’s popularity has skyrocketed this year, thanks in part to the adoption of bitcoin and other cryptocurrencies by corporate and mainstream investors.
Last week, the price of a single dogecoin doubled after that Tesla TSLA CEO Elon Musk, the most prominent supporter and former public cannabis smoker, said “Doge Barking at the moon” in a tweetHe also shared a photo of a painting by Spanish artist Joan Miró entitled “Dog Barking at the Moon.”
According to CoinMarketCap, Dogecoin is now the world’s fifth most valuable cryptocurrency. Strong demand for the virtual currency briefly shut down Robinhood’s crypto trading systems on Thursday as the platform struggled to handle a surge in orders.
Created in 2013 by a few software engineers as a joke, the cryptocurrency doesn’t have much real-world use outside of a few niche markets, including tipping online artists.
Unlike bitcoin, which has set 21 million as the digital currency’s finite amount, dogecoin has 129 billion coins in circulation and will continue to make new blocks of coins available for mining every year.
That’s part of the reason a dogecoin costs less than $ 1, while each bitcoin costs around $ 55,000.
– David Goldman and Diksha Madok contributed to this report.