Dogeday Fails to Lift Dogecoin Price as Traders Face $2.8 Million in Liquidations

While the festivities showcased the coin's loyal fanbase and cultural relevance, the celebration failed to spark any meaningful market movement.

Dogecoin enthusiasts worldwide united on April 20 to celebrate Dogeday, a community-driven holiday marking the world’s most recognizable meme coin.

While the festivities highlighted the coin’s loyal fanbase and cultural relevance, they failed to spark any meaningful market movement.

Dogeday Fails to Lift Dogecoin Price As Traders Face $2.8 Million in Liquidations

Instead of a rally, Dogecoin was the worst-performing asset among the top 20 cryptocurrencies during the past day.

The token dropped over 2.5% during the reporting period compared to the muted performance of the general market, which saw Bitcoin and Ether slide less than 1%.

This disappointing performance led to roughly $2.8 million in liquidations, with traders betting on an upward price movement losing more than $2 million, according to Coinglass figures.

However, even with the lackluster price action, Dogecoin’s relevance in the crypto ecosystem remains undeniable.

Launched in 2013 as a parody of Bitcoin, DOGE has grown far beyond its meme origins. The digital asset is now the ninth-largest cryptocurrency by market capitalization, currently valued at approximately $22.9 billion, according to CoinMarketCap.

A large part of its growth can be attributed to high-profile endorsements. Tesla CEO and presidential advisor Elon Musk has repeatedly voiced support for Dogecoin, and so has billionaire entrepreneur Mark Cuban. Their backing helped shift public perception of DOGE from a joke to a legitimate digital asset and payment option.

On social media, Dogecoin continues to lead the memecoin narrative. According to CryptoRank, it was the most mentioned memecoin ticker on X (formerly Twitter) in the past month. This visibility continues to fuel both community engagement and investor interest.

Moreover, institutional interest in Dogecoin is also on the rise. Major asset managers, including Bitwise, Grayscale, 21Shares, and Osprey, have submitted filings to the US Securities and Exchange Commission (SEC) seeking to launch spot Dogecoin ETFs.

If granted, these financial investment vehicles could become the first exchange-traded funds centered entirely on a meme coin.

Considering this, crypto bettors on Polymarket put the odds of these products’ approval above 55% this year. This optimism reflects a growing belief that Dogecoin could soon secure a place in mainstream financial markets.