The cultural power of Dogecoin shines on Dogeday, but the market's growth momentum is stalled.

On April 20th, Dogecoin enthusiasts around the world came together to celebrate Dogeday, a community holiday to honor the most recognizable meme coin in the world. While the festival showcases the loyal fan base and the cultural significance of this coin, the celebration does not generate any meaningful movement in the market. Dogeday cannot raise the price of Dogecoin when traders face a $2.8 million liquidation. Instead of taking advantage of the positive wave, Dogecoin is the worst performing asset among the top 20 cryptocurrencies over the past day. According to data from BeInCrypto, the price of this token has decreased by more than 2.5% during the reporting period compared to the poor performance of the overall market. This disappointing performance has led to a liquidation of approximately $2.8 million, with traders betting on a rising price trend losing more than $2 million, according to data from Coinglass.

However, even with the dismal price movements, the relevance of Dogecoin in the cryptocurrency ecosystem cannot be denied. Launched in 2013 as a parody of Bitcoin, DOGE has evolved far beyond its meme origins. According to CoinMarketCap, this digital asset is currently the ninth largest cryptocurrency by market capitalization, with a value of approximately $22.9 billion. Most of its growth may be attributed to the endorsements of reputable figures such as Tesla CEO and presidential advisor Elon Musk, who has repeatedly voiced support for Dogecoin, as well as billionaire entrepreneur Mark Cuban. Their support has helped shift public perception of DOGE from a joke to a digital asset and a legitimate payment option. On social media, Dogecoin continues to lead the memecoin narrative. According to CryptoRank, this is the most mentioned memecoin token on X (formerly known as Twitter) in the past month. This visibility continues to drive both community engagement and investor interest.

Moreover, the interest of institutions in Dogecoin is also increasing. Major asset management companies, including Bitwise, Grayscale, 21Shares, and Osprey, have filed with the (SEC) to seek to launch spot Dogecoin ETFs. If approved, these financial investment tools could become the first exchange-traded fund entirely focused on a meme coin. Considering this, those betting on cryptocurrency on Polymarket are placing a probability of approval for these products at over 55% this year. This optimism reflects a growing belief that Dogecoin may soon secure a position in the mainstream financial market.