🐶🔥Will DogeDay Lead to Dogecoin Rise This Year? An In-Depth Analysis
Excitement is growing as DogeDay approaches. The talk of the town is how this event could shake up the price of DOGECOIN. At the moment, #Dogecoin is on the rise and is experiencing what experts call a rally. Looking at the reactions in the past years, let's take a look at what DOGEDAY is and how it can affect the value of Dogecoin.
1. Understanding #DogeDay
Let's check out DOGEDAY before getting to the bottom of it. Famous for its iconic dog logo and vibrant online community, Dogecoin celebrates DOGEDAY as a fun event. Although it does not indicate any significant turning point, the community chose April 20 in the middle of the April 1 Prank month, which increases its interesting appeal.
2. The DogeDay Effect: Historical Trading Volume
On April 20, 2023, DOGECOIN's trading volume increased from $116,071 thousand at the beginning of the month to $ 198,445 thousand. Just four days later, on April 24, 2023, it rose to $ 1.221 million, a significant jump from $ 71,485 thousand at the beginning of that year.
Yesterday April 18, 2024 saw a trading volume of approximately $ 533,283 thousand and today April 19, 2024 exceeded $ 1,282 million. These figures show that trade increases during the DogeDay celebrations.
3. The DogeDay Effect: Price Analysis
On April 20 last year, the price of DOGECOIN fell to $ 0.083, falling below the previous day's close of $ 0.086. On the next day of DOGEDAY, it fell further to $ 0.0777 (April 21, 2023) in the middle of the horizontal market movement. December Dec fluctuated between $0.07 and $0.09 earlier that year, fell to $0.06 on March 9, 2023, and briefly touched $0.1 in December.
DogeCoin, which started 2024 at $ 0.09, rose in late February, rising from $ 0.08 to $ 0.11 on February 29. On March 28, it rose to $ 0.21.
The data shows that the current trend is somewhat positive for DogeCoin. Unlike the previous year, there is an upward trend that supports the coin.
