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Dogecoin Traders Whip Up ‘Doge Day’ Frenzy in Push Toward $1

An ad campaign by Conagra’s Slim Jim beef jerky snacks set off a trading fervor aimed at pushing meme cryptocurrency dogecoin toward $1 by Tuesday.

4/19/2021 9:30:00 PM

WSJWhatsNow: A “Doge Day” ad campaign by Slim Jim beef jerky snacks has set off a trading fervor aimed at pushing the meme cryptocurrency Dogecoin to $1

An ad campaign by Conagra’s Slim Jim beef jerky snacks set off a trading fervor aimed at pushing meme cryptocurrency dogecoin toward $1 by Tuesday.

Updated April 19, 2021 11:15 am ETTraders are whipping up a “Doge Day” frenzy on online forums to push the price of the meme cryptocurrency toward $1, in a further sign of overheating in parts of the market.Themania around dogecoin, which was started as a joke and designed to serve no purpose, has sent the price soaring by over 8,000% this year. In comparison, the S&P 500 generated gains of about 1,900%, including dividends, over the past three decades.

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The cryptocurrency traded as high as roughly 43 cents on Monday, after notching a record of 45 cents on Friday. It started the year worth less than 1 cent.The recent rush into dogecoin is being propelled by users sharing memes and tweets on Twitter and Reddit forums.

Its steep ascension means the market is valuing the cryptocurrency at over $50 billion, or more than Ford Motor Co. and Marriott International Inc. If traders hit their target of pushing the price to $1 by Tuesday, it could be worth more than blue-chip companies like Advanced Micro Devices Inc., CVS Health Corp. and General Motors Co.

Read more: The Wall Street Journal »

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