This April 20, Dogecoin enthusiasts celebrated ‘Dogeday,’ an internet-born celebration rooted in the meme coin’s humorous origins. Though the day saw DOGE prices slide down throughout trading hours, derivatives traders were highly active, resulting in a staggering surge of options open interest and volume, leading to $2.75 million in liquidations. 58% increase in open interest suggests existing positions were actively re-shuffled with significant short-term speculative appetite. The day saw an intraday downtrend despite a bullish sentiment leaning towards the ‘Dogeday’ bounce, with long traders taking significant losses, totaling over $2 million. While the excitement may have been short-lived as momentum faded in the afternoon, this volatile spike is likely to result in either short-term volatility or continued market unwinding, ultimately affecting DOGE’s future trajectory.