Dogecoin Cryptocurrency Price plunged
Dogecoin (DOGE-USD) was down 22% to $0.3248 (£0.23) on Wednesday morning in London. The joke cryptocurrency remained down 15% at $0.30 by the end of the working day in Europe.
On Tuesday, it had hit $0.4252 and its market capitalization crossed $50bn as supporters tried to push the price to between $0.69 to $1.
The surge coincided with a flurry of social media attention around what fans of the cryptocurrency called 'dogeday'.
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.