Dogecoin is down 81% from its May 2021 peak, not 400% as a previous version of this article stated. The error has been corrected. <\/p>\n
Dogecoin\u2019s performance was somewhat sluggish on Wednesday, April 20, a day that the meme token\u2019s supporters deemed as \u201cDogeday.\u201d<\/p>\n
The token A year ago, supporters of the Shiba Inu-themed token tried to push the token\u2019s price up to $1 on April 20, a date that is also associated with smoking marijuana, even though Dogecoin, at the time, was only trading at nine cents a week before. <\/p>\n Though the token\u2019s value has never yet surpassed $1, some supporters got a payoff when Dogecoin surged to an all-time high of $0.74 in May 2021 from about one cent at the beginning of last year. <\/p>\n Read:<\/strong> What is \u2018Doge Day\u2019? A push to drive dogecoin to the moon<\/a><\/p>\n Its prior peak might be attributed, partly, to the backing of Elon Musk, chief executive at Tesla Dogecoin has faced competition from Shiba Inu, another dog-themed token dubbed \u201cDogecoin killer\u201d by its supporters. Shiba Inu surged more than 40,000,000% in 2021, while logging a 24.5% loss so far in 2022. <\/p>\n In fact, both Dogecoin and Shiba Inu tumbled along with broader risk-on assets such as stocks, as the Federal Reserve began to talk about tighten its monetary policy by raising interest rates and reducing its balance sheet.\u00a0<\/p>\n Read more:<\/strong> Fed may need to be even more aggressive fighting inflation as U.S. household cash exceeds debt for first time in three decades, warns Deutsche Bank<\/a><\/p>\n Bitcoin
\n DOGEUSD,
\n 0.03<\/a>
\n was trading at around $0.14, down 0.3% over the past 24 hours, according to CoinDesk data. The crypto has logged a 16.4% loss since the start of this year. Worse yet, Dogecoin has lost more than 81% of its value since its May 2021 peak.<\/p>\n
\n TSLA,
\n -4.96%<\/a>,<\/span>
\n who tweeted about the token several times in the past and pushed the electric car maker to accept Dogecoin<\/a> as payment for some merchandise since January. <\/p>\n
\n BTCUSD,
\n +0.25%<\/a>
\n has lost 11.4% since the start of this year, while ether
\n ETHUSD,
\n -0.02%<\/a>
\n traded 16% lower year-to-date, according to CoinDesk data. <\/p>\n<\/p><\/div>\n<\/div>\n