As we approach DogeDay, dogecoin The community is preparing for an exciting celebration. Although DogeDay doesn’t mark any significant milestone, choosing April 20 in the middle of April Fool’s month gives the event an interesting appeal.
This celebration allows Dogecoin fans to come together and strengthen their bonds. However, how this celebration may affect the DOGE price is still a question mark in the community.
As reported by Koinfinans.com, on April 20, 2023, Dogecoin’s transaction volume increased from 116,071 thousand dollars at the beginning of the month to 198,445 thousand dollars. Just four days later, on April 24, 2023, that figure reached $1.221 million, a significant jump from $71,485 thousand at the beginning of the year.
Yesterday, April 18, 2024, a trading volume of approximately $533,283 thousand was seen, and today, April 19, 2024, this figure exceeded $1,282 million. These data DogeDay It shows that there was an increase in transactions during the celebrations.
DogeDay Effect: Dogecoin Price Analysis
Last year, on April 20 Dogecoin price It fell to $0.083, falling below the previous day’s close of $0.086. The day after DogeDay, it fell further to $0.0777 (April 21, 2023) amid sideways market movement. Earlier that year, the price fluctuated between $0.07 and $0.09, dropping to $0.06 on March 9, 2023, and briefly reaching $0.1 in December.
Dogecoin, which started 2024 at $ 0.09, started to rise towards the end of February and jumped from $ 0.08 to $ 0.11 on February 29. On March 28, it rose to $0.21. Currently, at $0.15, it is below the March peak but trending positively from the previous year.
Data shows that the current trend is positive for Dogecoin. Unlike last year, there is an upward trend supporting the coin.
The impact of DogeDay on DOGE price dynamics is clearly evident from the increased trading volumes during the celebrations. Although historical analysis shows different price movements, current trends point to a more bullish outlook increasing the value of DOGE.
