Dogeday Fails to Boost Dogecoin Price, Traders Liquidate $2.8M of Longs

On April 20, Dogecoin (DOGE) fans around the world united to celebrate Dogeday, a community-driven celebration in honor of the world's most famous meme coin.

Jakarta, pintunews – Meme cryptocurrency fans around the world celebrated Dogeday on Thursday, April 20, in a community-driven celebration of the world’s most famous meme coin.

However, despite the hype, Dogecoin (CRYPTO: DOGE) failed to show any significant price increase.

Here’s a look at what happened and what’s next.

What Happened: Dogecoin rose by 1.12% over the last 24 hours and was trading at $0.1609 or around IDR 2,698 on Friday morning. The highs of the day saw Dogecoin reach lows of IDR 2,577 and highs of IDR 2,709.

Dogecoin is now the ninth largest crypto with a market capitalization of $23.89 billion and 24-hour trading volume of $805.05 million, up 70%.

The celebration of Dogeday saw positivity around the meme coin and no major positivity in the last 24 hours as it was the worst performing asset among the top 20.

Data from BeInCrypto showed Dogecoin fell by more than 2.5% during the 24-hour period as the crypto market remained relatively flat.

The lackluster performance led to around $2.8 million in liquidations with the majority, over $2 million, coming from traders who were long the meme coin and hoping for a price increase, according to data from Coinglass.

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Why It Matters: Dogecoin, which was launched in 2013 as a parody of Bitcoin (CRYPTO: BTC), is now a major presence in the crypto ecosystem.

The meme coin is also supported by big names like Tesla (NASDAQ:TSLA) CEO and advisor to the president of the United States Elon Musk and billionaire entrepreneur Mark Cuban, who have spoken positively about Dogecoin in the past.

This support helped change the public’s perception from seeing Dogecoin as a joke to a legitimate digital asset and payment alternative.

Dogecoin also had strong interest from institutions with several large asset managers filing paperwork with the U.S. Securities and Exchange Commission to launch a spot Dogecoin ETF.

The filings from Bitwise, Grayscale, 21Shares and Osprey would create the first ETF to be entirely focused on a meme-based coin.

With the filings, crypto gamblers on the Polymarket platform see a better than 55% chance of such an ETF being approved this year. The optimism had some thinking that mainstream financial markets could soon be getting an ETF focused on Dogecoin.

Now traders can follow the latest cryptocurrency news and guides to best cryptocurrency exchanges to prefer.

Also Read: Is It Time To Buy Dogecoin?