Dogeday Celebrated, but Dogecoin Slumps with $2.8M in Trader Losses

Dogecoin fans worldwide celebrated Dogeday on April 20, highlighting the memecoin’s cultural status and strong community. However, the holiday failed to spark any price rally for DOGE. Instead, the token dropped more than 2.5%, making it the worst performer among the top 20 cryptocurrencies within 24 hours, according to BeInCrypto.

This decline triggered significant trader losses, with over $2.8 million in liquidations. Data from CoinGlass shows that more than $2 million of those losses came from long positions, as traders incorrectly bet on a Dogeday price surge.

Despite the lackluster price action, Dogecoin maintains its relevance in the crypto market. Initially launched in 2013 as a joke, DOGE is now the ninth-largest cryptocurrency by market capitalization, worth approximately $22.9 billion, per CoinMarketCap.

Its rise to prominence is largely fueled by endorsements from public figures like Elon Musk and Mark Cuban, who have helped transform Dogecoin’s image from meme to serious digital asset. DOGE is also a top performer in online conversations. According to CryptoRank, it was the most-mentioned memecoin ticker on X (formerly Twitter) last month, reinforcing its position as a leader in the meme coin sector.

Institutional interest is growing, too. Asset managers such as Grayscale, Bitwise, 21Shares, and Osprey have filed for spot Dogecoin ETFs with the U.S. Securities and Exchange Commission. If approved, these would mark the first ETFs focused entirely on a meme coin.

Polymarket traders are betting on a 55% chance that a Dogecoin ETF will be approved this year, reflecting growing optimism that DOGE could soon enter mainstream financial markets.