According to data presented by TradingPlatforms.com, amateur investors are aiming to push Dogecoin’s price to $0.69 on April 20th, a day marked Doge Day 4/20.
In early January 2021, a Reddit group known as SatoshiStreetBets sought to actively pump up Dogecoin’s value by encouraging other group members to buy in an effort to propel the coin’s value “to the moon.”
The move was seen by many as inspired or at the very least similar in nature to the GameStop short-squeeze initiated by Reddit group WallStreetsBets in early 2021.
Investors and supporters of the coin are now attempting to turn April 20, popularly known as 4/20, into an international day of celebration for Dogecoins, making #Dogeday420 viral on Twitter and Reddit.
As of April 2021, SatoshiStreetBets had 400K members while the Dogecoin subreddit boasted over 1.4M members.
The same investors declared that their target value to reach on 4/20 is 69 cents per Dogecoin. A telegram group titled “WallStreetBets Pump #Doge” is also circulating calls to action to pump Dogecoin for 4/20, and has grown to nearly 400K subscribers. Dogecoin investors plan to continue the pump past 4/20 hoping to reach the value of $4.20 by June.
Rex Pascual, editor at TradingPlatforms added;
“Considering the recent gains and interest of Dogecoin, combined with the size of the Reddit and Telegram groups aiming to pump this, the target value of 69 cents is well within reach. We saw what happened to GameStock when these digital communities coordinated investment pumping campaigns and succeeded in taking the stock to record levels”.
Rex is an online writer and researcher informed by a global perspective that allows him to uniquely analyse numbers and convey them in a relatable way. He specialises in the area of Sports, Esports and the CBD industry as well as having an eye for the latest financial and technological trends. Well versed in SEO and other aspects of digital marketing, he uses his skills to good use on freelancing platforms while being based in the Netherlands.
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