Social media users plan on increasing the value of cryptocurrency "Dogecoin" on April 20th, TradingPlatforms, a website that tracks the highest-ranking trading platforms for its users, announced on Monday.
The move is pushed by users on social media platforms Reddit and Twitter, in the hopes of making an impact similar to the previous social media event in which the company GameStop had its value raised in the stock market by Reddit users.
The users are hoping to transform April 20 into a celebration of Dogecoin, with the hashtag #Dogeday420 trending on Twitter and Reddit.
The online investors hope to raise the value of Dogecoin to 69 cents on the designated day (4/20), to a total of $4.20 afterwards.
“Considering the recent gains and interest of Dogecoin, combined with the size of the Reddit and Telegram groups aiming to pump this, the target value of 69 cents is well within reach," said Rex Pascual, editor at TradingPlatforms. " We saw what happened to GameStop when these digital communities coordinated investment pumping campaigns and succeeded in taking the stock to record levels”.
Dogecoin is another cryptocurrency, its design serving as a reference to the popular 'doge' internet meme, which has a Shiba Inu dog react to things in an amusing fashion. The date in which the idea will take place, as well as the target goal number, are also common internet memes.
The online investors hope to raise the value of Dogecoin to 69 cents on the designated day, and to a total of $4.20 afterwards.
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