Analysing DogeDay’s Influence on the Price Dynamics of DogeCoin: In-Depth

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DogeDay is almost here, and everyone’s buzzing about it. People think it could really shake up the price of DogeCoin. Right now, we are seeing Dogecoin’s value go up in what is called a rally. Let’s take a closer look at how DogeDay might affect Dogecoin’s price, considering how the market reacted in past years.

1. DogeDay: What’s It

Before we start our analysis, let’s understand what DogeDay actually is. 

Dogecoin is a meme coin known for its funny dog logo and its active online community. DogeDay is a special day for the DogeCoin community, even though it does not mark any big achievements or anything. It is kind of funny because they picked April 20th, which is part of April Fool’s month, on purpose. The celebration further strengthens the bond and unity between its community members. 

Does this celebration truly influence the price dynamics of DogeCoin? It is what we are going to see. 

2. DogeDay Effect: DogeCoin Historic Trading Volume Analysis 

On April 20, 2023, the 24-hour trading volume of DogeCoin raised to $198.445K from $116.071K, reported in the beginning of the same month. Four days after the event, on 24th April, 2023, the volume touched $1.221M, highest in the month, far higher than the $71.485k mark reached in the beginning of that year. 

Yesterday, on 18th April, 2024, the trading volume was around $533.283k. Today, on 19th April, 2024, it also crossed the mark of $1.282M. 

This is enough to assume that we see increased trading activities in DogeCoin during periods of DogeDay celebrations.  

Read Also : Dogecoin’s Evolution and the Emergence of DogeDay: What You Should Know

3. DogeDay Effect: DogeCoin Price Analysis

Previous year, on April 20, the price was at $0.083, lower than its previous day’s closing price of $0.086. Day after the DogeDay, it even fell further to 0.0777 (on April, 21, 23. That year, the market was mostly in a sideways movement. In the beginning of that year, it was around $0.07. By the end of January, I climbed to $0.09. On 9th March, 2023, I fell to $0.06. On 3rd April, 2023, It climbed to $0.09. After the DogeDay 2023, the price of the coin slowly started to descend. In mid-April, it came down to $0.06 level. It remained in that rage for a long period. In late-October, it climbed back to $0.07, after remaining trapped in the $0.05 Range for a small period. In early December, 2023, it briefly crossed the 0.100 mark.   

In the beginning of the year 2024, the price of DogeCoin was at $0.09. A major upward momentum was witnessed in late February, when it climbed swiftly from $0.08 to $0.11, on 29th February. On 28th March, nearly one much after it entered this bullish phase, it touched the mark of $0.21. 

The present price of $0.15 is far lower than the peak reached on 28th March. 

The data shows that the current trend is slightly favourable to DogeCoin. Unlike the previous year, there is a bullish trend that supports the coin.  

Read More : Dogecoin Price Prediction 2024 – 2025: Will DOGE Prices Top $1 With This Break?

Endnote 

The influence of DogeDay on DogeCoin’s price dynamics is evident through increased trading volume during celebrations. While historical analysis indicates mixed results in price movements, current trends suggest a more favourable outlook, with a bullish trend supporting DogeCoin’s value.