Dogecoin rallies as much as a fifth as traders aim for record highs on DogeDay

Dogecoin rallies as much as a fifth as traders aim for record highs on DogeDay

Antoni Trenchev, the co-founder of crypto-lending firm Nexo said there was a "tribe of investors, many of them Millennials, who see it as a cause, a movement". "Dogecoin is symptomatic of the zeitgeist happening before our very eyes.”  

Online traders have been touting April 20 as Dogeday, hopeful that they will be able to send the price of the digital token higher, towards $1.

The slip in the price of Dogecoin later on Tuesday is thought to have been driven by sell-offs of some of the other major cryptocurrencies, including Bitcoin and Ethereum.

Bitcoin is down by around 2pc over the past 24 hours, according to Coinbase, following a tumble over the weekend. It is currently trading at around $55,000, down almost $10,000 since last Wednesday when it hit a record high of $64,800. 

Some reports suggested that a blackout in Xinjiang in China was to blame for the collapse in Bitcoin's price, with the region reportedly responsible for powering much of the Bitcoin mining.

Late week, meanwhile, Turkey's central bank said it would be banning the use of cryptocurrencies for purchases. 

Despite the fall in its price, Bitcoin remains significantly higher than where it started the year, at around $29,000.