It’s ‘Doge Day’ again. Supporters wanted to push Dogecoin ‘to the moon’. Here’s how it is trading

Last year, supporters of the Shiba Inu-themed token tried to push the token’s price up to $1 on April 20, a date that is also associated with smoking marijuana, even though Dogecoin was only trading at nine cents a week before.

Though the token’s value has never yet surpassed $1, some supporters got a payoffs when Dogecoin surged to an all-time high of $0.74 in May from about one cent at the beginning of 2021.

Read: What is ‘Doge Day’? A push to drive dogecoin to the moon

The rise could also be partly attributed to the backing of Elon Musk, chief executive at Tesla
TSLA,
-4.96%,
who tweeted about the token several times and pushed the electric car maker to accept Dogecoin as payment for some merchandise since January.

However, Dogecoin has lost more than 400% of its value since May. It faced competitions from Shiba Inu, another dog-themed token dubbed “Dogecoin killer” by its supporters, which surged more than 40,000,000% in 2021 while logging a 24.5% loss so far in 2022.

In fact, both Dogecoin and Shiba Inu tumbled along with broader risk-on assets such as stocks, as the Federal Reserve began to tighten its monetary policy by raising interest rates and reducing its balance sheet. 

Read more: Fed may need to be even more aggressive fighting inflation as U.S. household cash exceeds debt for first time in three decades, warns Deutsche Bank

Bitcoin
BTCUSD,
+0.17%
has lost 11.4% since the start of this year, while ether
ETHUSD,
-0.46%
traded 16% lower year-to-date, according to CoinDesk data.