Fans of the Dogecoin cryptocurrency are aiming to pump the token’s price on April 20, which has been dubbed “DogeDay.”
A hashtag of the same name is currently the second-highest trending term on Twitter as the community rallies online. The Dogecoin subReddit is also active with posts.
Broadly, posts on social media appear to be aiming for the coin’s price to hit $0.420 in honor of the date, though many in the community have mentioned the $1 mark. At the time of writing Dogecoin was valued at $0.404.
Led Frixman, an AI researcher at the Massachusetts Institute of Technology, tweeted: “So it looks like 4/20 is now Doge Day, a time to celebrate the power of the meme.
“If Dogecoin hits $1 on 4/20, it’s proof that the universe tends toward the most entertaining outcome.”
On Monday, U.S. Rapper Soulja Boy tweeted simply: “Dogecoin.”
Other posts are encouraging potential investors to buy the token and not sell it—referred to as “hodling” in the crypto community—thus increasing its value.
Dogecoin has hit headlines in recent days due to dramatic price surges on the back of wider cryptocurrency support.
Last week, cryptocurrency trading platform Coinbase made a successful stock market debut on the Nasdaq and is currently valued at more than $60 billion.
Prior to that, payment and card company Visa announced it was allowing users to settle transactions using the USD Coin cryptocurrency in a move the company said was aimed at “making cryptocurrencies more secure, useful, and applicable for payments.”
In addition, payment platform PayPal announced in March it had started allowing U.S. customers to use the cryptocurrencies Bitcoin, Ether, Bitcoin Cash and Litecoin to pay for things.
Dogecoin is not widely accepted as a traditional payment option, though tech retailer Newegg announced Tuesday it had started to do so.
Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke.
The coin is typically visually represented by the Shiba Inu dog breed, which has been used as an internet meme format for several years.
Markus told Newsweek in March: “I threw it together and put some parameters I thought were ridiculous at the time, and we released it without much thought. Of course, fate loves irony and despite, or because of, the inherent absurdity, it caught on instantly and grew incredibly fast.”