Dogecoin cryptocurrency slumps after hashtag-fueled surge to record high – Reuters

Dogecoin cryptocurrency slumps after hashtag-fueled surge to record high – Reuters

Meme-based cryptocurrency Dogecoin fell on Tuesday after hitting an all-time high in a wild session that saw supporters of the token once considered a parody use hashtags to fuel a rally until it lost steam.Dogecoin ultimately fell 15.4% to US$0.33, but during the session when it hit a record peak, its market capitalization soared to more than $50 billion. After the slump, its market cap dropped roughly $45 billion, according to coinmarketcap.com.By comparison, the wildly popular bitcoin has a market cap of more than $1 trillion.Dogecoin fans used the hashtags #DogeDay and #DogeDay420 to post memes, messages and videos on Twitter, Reddit and TikTok, referring to the informal April 20 holiday to celebrate cannabis which is marked by smoke-ins and street parties. "GIMME THAT DOGECOIN LAMBO!!! #DogeDay" one tweeted, referring to the Lamborghini sports car popular in crypto culture.An 8,000% price increase this year has seen Dogecoin, launched as a satirical critique of 2013's cryptocurrency frenzy, overtake more widely-used cryptocurrencies like Litecoin and briefly Tether, to become the sixth-largest coin."The current retail fervor probably won't completely give up on Dogecoin," said Edward Moya, senior market analyst at online FX trading platform OANDA, but he did anticipate the "sell the event