US 'Dogeday' Frenzy... Did Dogecoin Fail to Reach $1?

Dogecoin rises to 41 cents per coin before falling to 31 cents
US media also report speculation concerns
Market cap exceeds Ford Motor Company

[Asia Economy New York=Correspondent Baek Jong-min] The cryptocurrency Dogecoin is experiencing sharp fluctuations on 'Doge Day,' but achieving the target seems difficult. Doge Day is the day when U.S. cryptocurrency investors aimed to raise the price of Dogecoin to 1 dollar.

According to CoinMarketCap as of 2:15 PM local time on the 20th, Dogecoin is trading at $0.3363, down 15% from the previous day.

It was trading at $0.41 around 9 AM but then reversed to a decline, dropping to $0.31 around 12:20 PM. Dogecoin ranked 5th in cryptocurrency market capitalization in the morning but fell to 6th in the afternoon.

If the current market situation continues, achieving the 'Doge Day' goal of raising Dogecoin's price to 1 dollar appears difficult. However, Dogecoin still shows a 270% increase over the past 7 days. A month ago, Dogecoin was priced at $0.05. Despite most cryptocurrencies declining since last weekend, Dogecoin has shown strength.

U.S. media are also focusing their coverage on Dogecoin and Doge Day.

The New York Times (NYT) reported that cryptocurrency investors attempted to raise Dogecoin's price targeting the day, which is also known as Cannabis Day. Many encouraged investment using hashtags like '#DogeDay' and '#Doge420'.

NYT described Dogecoin, which started as a joke, as having formed a market value of $50 billion, surpassing Ford Motor Company.

Cryptocurrency specialized media CoinDesk alerted investors to look behind Dogecoin's surge. CoinDesk pointed out that Dogecoin has no fixed mining limit and its use case is unclear.

CNN also expressed concern that Dogecoin's price surged after Tesla CEO Elon Musk tweeted in favor of Dogecoin last week.

Meanwhile, Bitcoin is trading around $55,000, up about 1%. Cryptocurrency exchange Coinbase is recording $321, down 3.4%.

On this day, Venmo, an online remittance service owned by the leading U.S. digital payment company PayPal, enabled buying, selling, and storing four types of cryptocurrencies including Bitcoin. Venmo has 70 million users in the U.S.