Dogecoin enthusiasts across the globe commemorate “Dogeday” on April 20, as the memecoin’s community anticipates imminent deadlines for Dogecoin-associated exchange-traded fund (ETF) submissions.
Dogeday signifies the unofficial celebration of the Dogecoin (DOGE) community. It gained popularity within the memecoin circles four years back, in 2021, coinciding with International Weed Day on April 20.
In spite of its status as a humorous token, Dogecoin holds the position of the eighth-largest cryptocurrency by market capitalization, presently valued at $23.3 billion, as per CoinMarketCap.
Critiques have often emerged regarding Dogecoin’s tokenomics for introducing 14.4 million DOGE daily into circulation, resulting in a daily inflation figure exceeding $2.16 million.
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The durability of Dogecoin “originates from a combination of community-driven passion, minimal entry barriers, and speculative allure,” stated Anndy Lian, author and intergovernmental blockchain authority.
Lian further mentioned that Dogecoin’s inflationary tokenomics may also enhance its retail allure, adding:
“In contrast to Bitcoin or Ethereum, Dogecoin’s inflationary supply — which introduces about 5 billion coins each year — maintains prices accessible, usually under $1, making it mentally attractive for retail investors.”
“The appeal to retail consumers is heightened by Dogecoin’s meme-centric branding, which connects well with younger, internet-literate investors,” Lian elaborated.
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Memecoins like Dogecoin typically lack foundational blockchain use cases and generally surge based solely on social media influence and retail enthusiasm.
In November 2024, Dogecoin eclipsed Porsche’s market capitalization, fueled by ongoing social media endorsements from billionaire Elon Musk.
The Dogecoin community anticipates DOGE ETFs deadline in May
The Dogecoin community is attentively observing the US Securities and Exchange Commission as it deliberates on multiple DOGE-related ETF applications.
There are four Dogecoin ETF filings pending approval: the Bitwise Dogecoin ETF, the Grayscale Dogecoin ETF, the 21Shares Dogecoin ETF, and the Osprey Fund Dogecoin ETF.
Grayscale’s ETF application is expected to receive a decision on May 21 following the SEC’s postponement of its judgment on numerous crypto ETF filings.
Bitwise’s submission may receive a response by May 18, which concludes the SEC’s 75-day initial review timeframe after the 19b-4 filing. However, the 240-day review period could allow the regulator to postpone its decision until October 2024 for both filings.
The ETF submissions from 21Shares and Osprey are still awaiting review for their initial 19b-4 filings, with no specified deadline from the securities regulator.
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