londonnew york memebased cryptocurrency dogecoin fell on tuesday after hitting an alltime high in a wild session that saw supporters of the token once considered a parody use hashtags to fuel a rally until it lost steamdogecoin ultimately fell 154 to us033 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 coinmarketcapcomby comparison the wildly popular bitcoin has a market cap of more than 1 trilliondogecoin 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 smokeins and street partiesgimme that dogecoin lambo dogeday one tweeted referring to the lamborghini sports car popular in crypto culturean 8000 price increase this year has seen dogecoin launched as a satirical critique of 2013s cryptocurrency frenzy overtake more widelyused cryptocurrencies like litecoin and briefly tether to become the sixthlargest cointhe current retail fervor probably wont 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 reaction for the cryptocurrencydogecoins logo features a shiba inu dog at the center of the meme it can be traded on crypto exchanges and more popular mainstream trading appsthe doge rally represents an interesting convergence said diana biggs ceo of crypto startup valour after dogecoins price soared by more than fivefold in the last week to a record 042 according to coinmarketcapa meme coin created as a joke for early crypto adopters whose community found that kind of thing to be fun with now a new generation of retail investors for whom memes are a native language biggs addedonline tradingdogecoins rise came during a surge in online trading of stocks and crypto by retail investors stuck at home with extra cash because of the covid19 pandemic the coin has not seen much growth in usage for payments or in commercea boom in usage of online trading apps like robinhood also fueled the socialmedia driven rally in gamestop corp stock this year which pitted retail investors against hedge fundsits an extension of the same phenomenon that has led tesla stock to be valued well beyond fundamentals and more recently to the gme gamestop short squeeze said ajit tripathi head of institutional business at decentralized finance startup aavelike other cryptocurrencies dogecoins price is heavily influenced by social media users including tesla chief elon musk whose tweets on the cryptocurrency in february sent its price soaring over 60dogecoin currently has a 167 implied probability to be worth more than 1 at the end of 2021 according to betting aggregators usbookiescom a significant improvement from earlier this month when it had just a 29 chance to do so