A popular cryptocurrency analyst has reaffirmed that they believe the price of the meme-inspired digital currency Dogecoin ($DOGE) is set to surge in the near future, eyeing a 180% rise that could be sparked by the “meme holiday” of April 20 (4/20).
4/20 is a meme holiday because it is a day when pot smokers across the world celebrate the marijuana culture in their own special way. The date 4/20 is derived from the code 420, which was used by a group of high school students in California in the 1970s to signal their meeting time for smoking weed.
Countless memes poke fun at the effects of marijuana, the stereotypes of cannabis users, the legal status of the drug, and the reactions of celebrities and politicians. To pseudonymous cryptocurrency strategist Kaleo, these memes will also help DOGE pump, as he expects Twitter, Tesla and Space X CEO Elon Musk to tweet about the cryptocurrency.
As CryptoGlobe reported, Kaleo has earlier this week shared with their over 500,000 followers on the microblogging platform that they believe DOGE has broken out above its high time-frame downtrend, and could be targeting the $0.25 mark, in a price rally that would more than double its current value of $0.0.089.
In a new tweet, Kaleo pointed out that he sees the $0.25 mark as a “magnet” for the meme-inspired cryptocurrency. Notably, Google searches for Dogecoin have exploded nearly 2,000% in the past seven days after Twitter switched its logo to DOGE’s Shiba Inu, which led to a surge in buying interest.
Analysis has shown that searches for “buy Doge” and “buy Dogecoin” skyrocketed 1,044% and 253%, respectively, while searches for rival meme-inspired cryptocurrency Shiba Inu also moved up 132% on Twitter’s logo change.
Data from CryptoCompare shows that the trading volume for the meme-inspired cryptocurrency DOGE also skyrocketed after Twitter’s logo change, as a trading frenzy ensued.
As CryptoGlobe reported, tens of billions of DOGE tokens are now being held by long-term investors, as entities that have been HODLing onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $4.5 billion.
Featured image via Pixabay.