Dogecoin’s Wild Ride: Memes, Musk & Millions Lost—But Still Barking Louder!

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On the 20th of April, a peculiar phenomenon occurred: Dogecoin fans from every corner of the globe gathered to celebrate Dogeday, a holiday invented by Internet wizards and meme aficionados—a sort of Christmas, but with more shibes and fewer oddly shaped cookies. 🐕🎉

Of course, you’d think a worldwide festival of digital dog worship might spark a financial fireworks display. Spoiler alert: it didn’t. The market remained as lively as a sloth on sedatives.

The Woof Went Silent: Dogecoin Drops While Traders Cry Over $2.8 Million in Liquidations

Rather than soaring like a caffeinated St. Bernard, Dogecoin decided to play the role of the village idiot among the top 20 cryptocurrencies—tanking over 2.5% while others tried to mind their own business.

BeInCrypto’s crystal ball said Dogecoin took a nosedive while the general market just looked on, bemused and mildly inconvenienced.

This tragicomic plunge led to roughly $2.8 million evaporating into the ethersphere, mainly from hopeful gamblers betting on a Dogecoin price moonshot that stayed firmly earthbound. According to Coinglass, those bets alone lost more than $2 million—proof that even the internet’s favorite dog can’t save all the day-traders from themselves.

Dogecoin market chart

Yet, here’s the twist: despite the financial hiccup, Dogecoin’s cultural pawprint on the crypto world remains vast and undeniable. Born in 2013 as a digital prank on Bitcoin (the grumpy uncle of cryptocurrencies), DOGE has since put on a tuxedo and stepped into the limelight.

Now perched nobly as the ninth-largest crypto, with a jaw-dropping market cap near $22.9 billion (give or take a few hundred memes), DOGE is no longer just a joke—and certainly no mere dog treat.

Credit where credit’s due: celebrity tail-waggers like Elon Musk, part-time rocket scientist and full-time Twitter maestro, along with billionaire Mark Cuban, have repeatedly given DOGE their paw of approval. Their endorsements helped shift public opinion from “Is this a joke?” to “Can I pay for my pizza with this?”

On the social media dog park (formerly known as Twitter, now dramatically rebranded as X), Dogecoin is the alpha memecoin, dominating chatter and tweets like it owns the place. CryptoRank reports that DOGE was the most barked-about memecoin ticker in the last month, fueling both hype and hope.

Dogecoin social media mentions

But wait, there’s more: the big financial suits are sniffing around Dogecoin too. Heavy hitters like Bitwise, Grayscale, 21Shares, and Osprey have filed paperwork with the SEC, hoping to launch the first-ever spot Dogecoin ETFs. Imagine trading Doge as easily as you do the Dow—and all without losing your morning coffee over it.

If these ETFs get the thumbs-up, it could mean meme coin mania has officially graduated to Wall Street’s big leagues, complete with suits and awkward boardroom small talk.

Crypto gamblers on Polymarket are giving this 55%+ odds of happening this year—because nothing says “financial credibility” quite like betting on the success of a dog-themed coin.

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2025-04-20 21:01