Dogecoin supporters around the world came together on April 20 to celebrate Dogeday, a holiday created by the community to honor the popular meme coin.

Although the event highlighted the strong backing and cultural significance of Dogecoin, it did not lead to any significant movements in the market.

Despite hopes for a positive boost, Dogecoin performed poorly compared to other top 20 cryptocurrencies, dropping more than 2.5% in value over the reporting period, according to BeInCrypto data.

This decline resulted in approximately $2.8 million in liquidations, as traders who bet on a price increase lost over $2 million, as reported by Coinglass.

Nonetheless, Dogecoin remains a key player in the cryptocurrency world, having evolved from a Bitcoin parody created in 2013 to now being the ninth-largest cryptocurrency with a market cap of around $22.9 billion, as per CoinMarketCap.

The coin's growth can be attributed in part to endorsements from influential figures such as Tesla CEO Elon Musk and entrepreneur Mark Cuban, which shifted the perception of Dogecoin from a joke to a legitimate digital asset.

On social media, Dogecoin continues to dominate discussions in the memecoin sphere, being the most talked-about memecoin ticker on X (formerly Twitter) in the past month, driving community engagement and investor interest.

Additionally, institutional interest in Dogecoin is increasing, with asset managers like Bitwise, Grayscale, 21Shares, and Osprey seeking SEC approval to launch Dogecoin ETFs, potentially making these the first exchange-traded funds centered on a meme coin.

There is growing optimism about the approval of these investment products this year, with crypto bettors on Polymarket giving over 55% odds for their acceptance. This suggests a belief that Dogecoin could soon establish a presence in mainstream financial markets.