7 months ago
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The Dogecoin (DOGE) community is brimming with anticipation of DOGE Day, which is fast approaching. The foremost meme coin is expected to gain further attention in the days leading up to the event, which could undoubtedly positively impact its price.
What DOGE Day Is All About
DOGE Day, celebrated on April 20, is earmarked to promote and reaffirm the values of the foremost meme coin launched in 2013. The meme coin, which was created as a “joke,” has continued to make a statement in the crypto market, and this journey is usually celebrated during DOGE Day.
Meanwhile, despite DOGE attaining this level of prominence, its community has always ensured the preservation of the crypto token’s goofy nature. As such, it is no surprise that DOGE Day is also on the same day as the one meant to celebrate marijuana. Besides appreciating how far Dogecoin has come, the day is also expected to be filled with jokes and memes from the community.
However, the DOGE community might not have the undivided attention of the crypto community, as eyes will also be on the Bitcoin Halving event. The Halving event is expected to occur sometime around that period and could even fall on the same day as DOGE Day.
If so, less attention might be paid to DOGE Day, considering how much more impact the Halving event could have on the broader crypto market. Despite that, Bitcoin Halving falling on DOGE Day could turn out to be a remarkable occurrence for the DOGE community, especially if Bitcoin were to lead altcoins, including Dogecoin, to a massive pump on that day.
Dogecoin Futures Set To Launch This Month
April is already on course to be memorable for the meme coin. In addition to DOGE Day, the foremost US crypto exchange, Coinbase, is set to launch Dogecoin futures for its institutional clients on April 29. This move is projected to increase the interest in DOGE and cause more liquidity to flow into its ecosystem.
Furthermore, the derivatives market plays a significant role in any crypto token’s price discovery, which is why NewsBTC recently highlighted this launch as one of the factors that could drive DOGE’s price to $1. Traders are already positioning themselves for further increases in DOGE’s price as Bitcoinist recently reported a surge in DOGE’s future open interest.
Meanwhile, Bitcoinist also reported that Dogecoin;s funding rate has remained positive since October 2023, strengthening the bullish sentiment around the meme coin.
At the time of writing, DOGE is trading at around $0.20, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Watcher Guru, chart from Tradingview.com
