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Dogecoin (DOGE) is experiencing a surge in bullish sentiment as it approaches DOGE Day on April 20. The popular meme coin has witnessed an 11% price surge and increased trading volume, indicating positive investor sentiment.

The excitement surrounding DOGE Day is expected to kickstart another season of meme coins. This annual event celebrates the 18th birthday of Kabosu, the original Doge, and the unveiling of the Bronze Dog. It is anticipated to attract significant attention and interest from crypto enthusiasts.

One project fueling the buzz is Dogeverse, a unique multichain functionality project that aims to connect the six hottest meme coin networks. Dogeverse successfully raised an impressive $1.7 million during its presale in just three days, allowing presale buyers to compound their investment through staking.

Renowned crypto trader Cold Blooded Shiller expressed optimism for Dogecoin's future, stating, "Just remember, the fun doesn't begin until $0.25+ for Dogecoin." Similarly, crypto trader George estimates a first price target of $0.26, considering a "clean continuation range with a clean invalidation."

In the past week, Dogecoin has seen an 11% surge in prices, bringing it closer to the $0.20 mark. Although the past 24 hours of trading has remained relatively flat (+1%), the meme coin has managed to surpass XRP in terms of trading volume. Dogecoin's trading volume over the past 24 hours stands at an impressive $1.97 billion, compared to XRP's $1.24 billion.

Transaction data from IntoTheBlock reveals a significant increase in transactions exceeding $100,000, rising from 768 on April 10 to 854 on April 11, marking a 47% increase from April 5 to April 11. Moreover, 87% of Dogecoin's holders are currently in profit, further highlighting the positive sentiment around the coin.

The open interest for Dogecoin is currently at $1.58 billion, nearing its highest levels of $2.2 billion in late March 2024. High open interest is indicative of heightened volatility for the meme coin. In the past 24 hours, liquidations amounted to $4.42 million, with long liquidations accounting for $2.59 million, underscoring the bullish sentiment among traders.

As the market eagerly awaits DOGE Day and its potential impact, the intersection of meme coins and Bitcoin as an institutional asset class are expected to be topics of discussion at Benzinga's upcoming Future of Digital Assets event on November 19.

The future of Dogecoin appears promising, buoyed by the excitement surrounding DOGE Day, the successful Dogeverse presale, and the overall upward momentum in price and trading volume. Crypto traders and enthusiasts continue to monitor the coin closely as it prepares for its highly anticipated annual celebration.