Dogecoin (DOGE) suffered a big blow on April 20, popularly known as “Dogeday,” thanks to the failed test launch of SpaceX’s Starship rocket and a downturn in the broader crypto market. 

The SpaceX rocket, which featured the Dogecoin mascot on its side, disintegrated four minutes after its launch. Still, the company’s employees, including Elon Musk, cheered the failure as they expressed optimism for another test in the coming months.

The move comes on the heels of Musk’s recent stunt wherein he momentarily changed Twitter’s logo to the Dogecoin mascot.

The launch had built considerable excitement within the Dogecoin community. DogeDesigner, a graphic designer in the Dogecoin community, tweeted about the rocket launch with eagerness.

The launch of the biggest rocket of the planet, delayed for the sake of memes.

All Hail The Meme-lord!!!

— DogeDesigner (@cb_doge) April 18, 2023

However, Dogeday appears to have turned into a sell-the-news event, with the DOGE/USD pair losing 11.88% of the day’s high of $0.093 to drop to $0.083.

DOGE open interest remains elevated

Despite the drop in prices, the open interest (OI) volume for Dogecoin futures contracts is above the January 2023 high at $470 million, according to Coinglass data. OI volume represents the number of open positions in the futures market.

Dogecoin’s OI volume spiked to a yearly peak of $580 million on April 4 after Twitter changed its logo to a Shiba Inu, the breed of dog used to represent Dogeco

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Author: Nivesh Rustgi

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