The Dogecoin traded close to 42 cents on April 20 also known as 4/20 or pot-user slang for smoking cannabis, according to Bloomberg.
- The meme-fueled frenzy was driven by the #DogeDay hashtag that trended on Twitter, with retail traders such as those from WallStreetBets challenging investment norms.
- The Shiba Inu-themed token climbed over 400% in the past week to breach a market value of $51 billion.
- An analyst said it must be “alt-coin season” and the pile-on in the asset class adds to the volatility, as most retail investors are best off buying and holding just Bitcoin and Ether.
- Bitcoin has continued to drop for the past five days, and was trading below $56,000 as of 8:15 a.m. in New York on Tuesday, but is still up about 90% this year. Meanwhile, Ether fell 1.6% to $2,174 but up 180% for the year.
- An analyst said Bitcoin could stabilize with a new trading range between $52,000 and $62,000 for the next few weeks.