Dogecoin enthusiasts around the globe are celebrating "Dogeday" on April 20, a date that has become an unofficial holiday for the memecoin’s loyal community. The celebration comes as investors eagerly anticipate decisions on several Dogecoin-related exchange-traded fund (ETF) applications.
Dogeday first gained traction in 2021, coinciding with International Weed Day on April 20. Since then, it has become a symbolic day for DOGE supporters to express their enthusiasm for the coin.
Despite being born as a meme, Dogecoin has established itself as a major player in the crypto world, currently ranking as the eighth-largest cryptocurrency with a market cap of $23.3 billion, according to CoinMarketCap.
The token’s economics have been a topic of debate. With 14.4 million DOGE added to circulation daily, Dogecoin’s inflation rate exceeds $2.16 million per day.
Anndy Lian, blockchain expert and author, explained that Dogecoin’s enduring popularity comes from “a mix of community passion, easy access, and speculative allure.” Lian also pointed out that the token's inflationary nature—around 5 billion new coins minted each year—keeps its price relatively low, often under $1, which makes it attractive to retail investors.
He added, “The coin’s meme-powered identity and its resonance with young, internet-savvy users further fuel its mass appeal.”
Unlike major cryptocurrencies like Bitcoin and Ethereum, Dogecoin lacks strong utility or blockchain-specific use cases. Its price movements are largely driven by retail enthusiasm and social media buzz.
In a noteworthy moment for the coin, Dogecoin’s market cap briefly exceeded that of Porsche in November 2024, buoyed by continued support from Elon Musk on social platforms.
DOGE ETF Decisions Expected in May
The Dogecoin community is now turning its focus to the U.S. Securities and Exchange Commission (SEC), which is reviewing multiple DOGE-focused ETF applications.
Four filings are currently on the SEC’s desk: the Bitwise Dogecoin ETF, the Grayscale Dogecoin ETF, the 21Shares Dogecoin ETF, and the Osprey Fund Dogecoin ETF.
Grayscale is expecting a decision by May 21, following a delay from the SEC. Bitwise could receive a response as soon as May 18, which concludes the SEC’s initial 75-day review window. However, the agency may extend the review period up to 240 days, pushing a final decision to October 2024.
The applications from 21Shares and Osprey remain under initial review, with no specific decision deadlines announced yet.