#创作者成长激励计划#  Dogecoin’s Cultural Power Shines on Dogeday, But Market Momentum Stalled

On April 20, Dogecoin enthusiasts came together across the globe to celebrate Dogeday, a community-focused holiday celebrating the world’s most recognizable meme coin.
While the festivities showcased the coin’s loyal fan base and cultural significance, the celebration failed to generate any meaningful market movement.
Dogecoin Price Fails to Boost Dogecoin: Traders Face $2.8 Million in Liquidations
Instead of riding the wave of positive sentiment, Dogecoin has been the worst-performing asset among the top 20 cryptocurrencies in recent days.
The token has fallen more than 2.5% during the reporting period, compared to the overall market’s lackluster performance, according to the data.
This disappointing performance led to liquidations of around $2.8 million, with traders betting on the upward price movement losing more than $2 million, according to the data.
However, despite the sluggish price action, there’s no denying Dogecoin’s importance in the cryptocurrency ecosystem. Launched in 2013 as a parody of Bitcoin, DOGE has grown far beyond its meme roots.
The digital asset is currently the ninth-largest cryptocurrency by market cap, with a market cap of around $22.9 billion, according to the data.
Much of its growth can be attributed to high-profile endorsements. Tesla CEO and advisor to the president Elon Musk and billionaire entrepreneur Mark Cuban have repeatedly backed Dogecoin. Their support has helped transform DOGE from a joke to a legitimate digital asset and payment option.
Moreover, institutional interest in Dogecoin is also increasing. Major asset managers have filed applications with the US Securities and Exchange Commission (SEC) to launch spot Dogecoin ETFs.
If approved, these financial investment vehicles would be the first exchange-traded funds focused entirely on a meme coin.
With that in mind, cryptocurrency bettors are looking at the probability of these products being approved at over 55% this year. This optimism reflects a growing belief that Dogecoin could soon find its way into mainstream financial markets.