Dogecoin for $ 0.44 is embracing ‘literal moon’ ahead of Elon Musk SpaceX’s launch

Bitcoin (BTC) may be on the mark, but one cryptocurrency couldn’t be less off the map due to the market downturn and hit new all-time highs.

Dogecoin (DOGE), the altcoin based on a Shiba Inu meme, first passed $ 0.40 on April 19, capping a 400% weekly gain.

There are always new record highs for DOGE

DOGE’s rags-to-riches moves in 2021 have stunned experts and made former bag keepers cry. Now it seems that even a flashy bear market can’t stop its moonshot.

Just seven days ago, DOGE / USD was trading at $ 0.07. As Cointelegraph reported, gains are now over 7,500% since the start of the year, while the pair is up nearly 18,000% from the same date in 2020.

While this, of course, surpasses the increases in Bitcoin, Ether (ETH) and others, the question now is what will happen next and whether there is an equally spectacular reversal on the map.

At the time of writing, DOGE / USD, meanwhile, was trading at $ 0.36, well below its all-time high of $ 0.445.

DOGE / USD 1-hour candle chart (Bittrex). Source: TradingView

All eyes on “Dogecoin Day”

SpaceX and its “Technoking” Elon Musk may have the answer. On Thursday, a flight is planned that Musk previously hinted would “put a literal Dogecoin on the literal moon.”

Since its April Fool’s Day tweet, Dogecoin has seen a commitment like never before, even that accompanied by Musk’s earlier recommendations. According to data from Google Trends, “Doge” is currently being Googled more than ever, despite findings that may indicate that the social media craze is already disappearing.

In addition to the hashtag “DogeDay” trending on Twitter in the US, data from Google Trends shows that “Doge” is currently being googled more than ever. However, other social media statistics suggest that the social media craze is already fading.

Google search interest for ‘Doge’. Source: Google Trends

Another impromptu red letter day is Tuesday, April 20, or “Dogecoin Day 4/20,” which is reportedly the date on social media when DOGE / USD will hit $ 4.20 a coin.

But amid the fervor, some voices of reason rang out. Among them was trader Scott Melker, who told US traders looking to make a profit to consider legal implications.

“If you believe $ DOGE (or any other currency) is the future of money, remember that the government considers it property and every time you spend it, it is a taxable sale of the currency,” he warned

“This is important. Buy something with crypto in the US = sell crypto.”

Bitcoin, meanwhile, could only crack on the heels of Dogecoin, down 0.7% on the day to stay near USD 55,000.