Dogecoin Celebrates Dogeday as ETF Decisions Loom

Dogecoin is making headlines this April as the crypto world marks “Dogeday,” while the Dogecoin community awaits decisions on several exchange-traded fund (ETF) applications. The Dogecoin celebration, which falls on April 20, has gained cult-like status among enthusiasts over the past few years.

Dogeday—coinciding with the unofficial cannabis holiday on 4/20—has become a festive event within the memecoin space. Emerging in 2021, this day is dedicated to celebrating Dogecoin (DOGE), one of the most popular and discussed cryptocurrencies in the digital asset landscape.

Despite starting off as a joke, Dogecoin has cemented itself among the top ten digital assets. As of now, it holds the eighth position in market capitalization, with a valuation of about $23.3 billion, according to CoinMarketCap.

However, Dogecoin does have its critics—particularly when it comes to tokenomics. Every day, approximately 14.4 million new DOGE are introduced into circulation, which translates to more than $2.16 million in daily inflation. This inflation-driven approach contrasts sharply with deflationary tokens like Bitcoin.

Still, experts like Anndy Lian, a well-known author and blockchain advisor, believe that this inflation may actually benefit Dogecoin’s accessibility. “Unlike Bitcoin or Ethereum, Dogecoin’s steady supply inflation—adding around 5 billion coins per year—helps keep the price low and attractive for everyday investors,” Lian explained. He also highlighted how Dogecoin’s meme-based branding resonates with younger, tech-savvy audiences.

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What distinguishes Dogecoin isn’t any groundbreaking blockchain utility—because it lacks one—but its viral appeal driven by online culture and retail enthusiasm. The memecoin relies heavily on community support and endorsements from influential figures. Last year, Dogecoin even overtook Porsche in market value following consistent social media boosts from Elon Musk.

Upcoming DOGE ETF Deadlines Spark Investor Anticipation

In a move that could further solidify Dogecoin’s position, several DOGE-based ETFs are currently under review by the U.S. Securities and Exchange Commission (SEC). These include applications from Bitwise, Grayscale, 21Shares, and Osprey Fund.

The SEC has delayed decisions on several crypto ETFs, including those related to Dogecoin. Grayscale’s DOGE ETF application is expected to receive a response by May 21, while Bitwise’s review deadline is May 18—the conclusion of an initial 75-day assessment phase. However, due to the 240-day rule, final decisions could extend into October 2024.

The ETF proposals from 21Shares and Osprey Fund are still in the initial stages, having not yet received any specific deadlines from the SEC.

Investors and crypto advocates are closely watching these developments, as SEC approval could open up DOGE exposure to broader financial markets and institutional portfolios.

Read more: Dogeday | Dogecoin surpassed Porsche’s market cap | SEC delays decision on altcoin ETFs | Solana, XRP ETFs may attract billions in new investment

As Dogeday festivities excite the memecoin faithful, many await May with bated breath—hoping regulatory nods will push Dogecoin into the next chapter of its financial evolution.

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