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Every year on April 20, the Dogecoin (DOGE) community gears up for what has become known as “Dogeday." It is not official, of course. There is no corporate sponsor, no banner on trading platforms, no real-world event. But in the world of meme coins and crypto culture, Dogeday is a thing — an internet-born celebration rooted in the 4/20 meme calendar date and Dogecoin's joke-fueled origins.

And this year, Dogeday brought more than just jokes. It brought numbers.

Related Sun, 04/20/2025 - 09:28 Dogecoin (DOGE) Breaks Into Top-8 of Crypto Market, Overtaking Tron (TRX) Arman Shirinyan

Despite DOGE spending most of the day sliding down the charts — from around $0.159 early in the session to under $0.153 by the afternoon — derivatives traders decided to light things up anyway.

According to CoinGlass, options open interest jumped by 58.51%, while volume more than doubled, rising 116.11%. What can be concluded in short — existing positions were being shuffled aggressively, but the appetite for short-term speculation was very real.

Across major exchanges, the long/short ratio leaned heavily bullish. Traders expected a Dogeday bounce, but what they got instead was a fairly brutal intraday downtrend, and nearly $2.75 million in liquidations. Longs took the hit, with over $2 million wiped out in 24 hours.

Related Fri, 04/18/2025 - 14:55 1.048 Billion DOGE in Past Week – Is Something Big Coming? Yuri Molchan

So what exactly happened? Sentiment ran ahead of price, again. Dogeday may have sparked enthusiasm, but there was no follow-through. No catalyst. Just momentum fading into the afternoon and a market full of traders positioned the wrong way.

Related Thu, 04/17/2025 - 15:54 $1.5 Billion Dogecoin Hit in Open Interest as Price Awaits Market Decision Tomiwabold Olajide

Still, that kind of speculative spike — especially when it comes with heavy options flow — usually means one thing: Volatility is coming. Either we see a short-term bounce as those positions get reloaded, or the market continues to unwind and DOGE drifts lower while the hype resets.

So, will Dogecoin recover from a rough Dogeday? That is the question now.