The Dogecoin community celebrates "Dogeday" on April 20 when the ETF decision is about to be announced.

Dogecoin holders around the world are celebrating “Dogeday” on April 20, as the memecoin community awaits important upcoming milestones related to the Dogecoin ETF application.

Dogeday is an unofficial holiday for the Dogecoin community. This day has become popular in the memecoin community since four years ago, in 2021, on International Cannabis Day on April 20.

Although known as a “joke” token, Dogecoin still holds the position of the eighth largest cryptocurrency by market capitalization, currently valued at $22.9 billion, according to CoinMarketCap.

The economic model of Dogecoin is often criticized for the issuance of 14.4 million new DOGE into circulation each day, creating a daily inflation rate of over 2.16 million dollars.

Top 10 cryptocurrencies by market capitalization | Source: CoinMarketCapThe long-standing strength of Dogecoin “stems from the combination of community enthusiasm, low barriers to entry, and speculative appeal,” according to Anndy Lian – author and blockchain expert among governments.

The inflationary token economic model of Dogecoin may also contribute to its appeal to retail investors, Lian shared and added:

“Unlike Bitcoin or Ethereum, the inflationary supply of Dogecoin — with about 5 billion new coins issued each year — keeps prices generally accessible, often below $1, which creates psychological appeal for retail investors. The appeal to retail is further enhanced by Dogecoin’s meme-based branding strategy, which resonates with the younger, internet-savvy investor group,” Lian explained.

Memecoins like Dogecoin lack specific blockchain use cases and often only increase in price based on social media spillovers as well as craze from retail investors

In November 2024, Dogecoin surpassed the market capitalization of Porsche, thanks to the continuous support from billionaire Elon Musk on social media.

The Dogecoin community awaits the deadline for the DOGE ETF in May

The Dogecoin community is closely monitoring the U.S. Securities and Exchange Commission (SEC) as the agency reviews several ETF filings related to DOGE.

There are currently four Dogecoin ETF applications awaiting approval: Bitwise Dogecoin ETF, Grayscale Dogecoin ETF, 21Shares Dogecoin ETF, and Osprey Fund Dogecoin ETF.

Grayscale’s ETF filing will receive a response on May 21, after the SEC postponed its decision on other crypto ETF filings.

The SEC has delayed the decision to approve several altcoin ETFs | Source: SECBitwise’s filing may receive feedback on May 18, marking the end of the SEC’s initial 75-day review period after filing 19b-4. However, the 240-day review period may allow the regulatory agency to postpone its decision until October for both filings.

The ETF filings from 21Shares and Osprey are still awaiting review for the initial 19b-4 filings, but there is no specific deadline from the securities regulatory agency.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. Investors should do thorough research before making any decisions. We are not responsible for your investment decisions.

Dinh Dinh