The crypto community is celebrating Dogeday on April 20, dedicated to the meme coin Dogecoin. During this time, investors are eagerly awaiting the U.S. Securities and Exchange Commission (SEC) decision regarding applications for launching a Dogecoin ETF. Four companies have submitted their applications to create such funds, but their review was paused at the beginning of March.
This is reported by Finway
Popularity of Dogeday and Its Impact on the Market
On April 20, the crypto community celebrates Dogeday — the unofficial day of the Dogecoin token. This holiday became known in 2021 on the day of the International Marijuana Day celebration and gained popularity among crypto investors. This year, Dogeday coincides with a period when the market is closely monitoring potential changes in the regulatory environment.
As of today, Dogecoin ranks ninth in market capitalization among cryptocurrencies worldwide, with a market value of approximately $23 billion, according to CoinMarketCap.
“The resilience of Dogecoin stems from a combination of community enthusiasm, a low entry barrier, and speculative appeal,” noted intergovernmental blockchain expert Andy Lian.
Prospects for Dogecoin ETF
Despite the positive aspects, the tokenomics of Dogecoin faces criticism. Over 14.4 million new DOGE are released into circulation daily, leading to inflation exceeding $2.16 million each day. Andy Lian explained: “Unlike Bitcoin or Ethereum, Dogecoin’s inflationary model — approximately 5 billion coins per year — keeps the price below $1, making it psychologically appealing to retail investors.”
Four ETF providers have submitted applications to the SEC for launching Dogecoin funds: Bitwise, Grayscale, 21Shares, and Osprey Fund. In particular, the Grayscale Dogecoin ETF is awaiting results by May 21, while the Bitwise Dogecoin ETF may receive a response as early as May 18, although a final decision could be postponed until October 2025. The applications from 21Shares and Osprey are currently in the initial stages without set deadlines.
At the time of writing, the price of the meme coin is $0.154, according to TradingView. It is worth noting that Dogecoin is celebrating its 11th anniversary since its launch, which took place on December 6, 2013.