Dogecoin owners around the world will celebrate “Dogeday” on April 20th as the Memecoin community awaits upcoming deadlines for Dogecoin-related Exchange-Traded Fund (ETF) applications.
Dogeday marks an unofficial holiday for the Dogecoin (Doge) community. Four years ago, on International Weed Day on April 20th, we gained traction in the Memecoin community four years ago.
Despite its reputation as a token of jokes, Dogecoin remains the eighth largest cryptocurrency, with a market capitalization currently valued at $23.3 billion, according to Coinmarketcap.
Dogecoin’s talknomics has often been criticized for issuing 14.4 million new Doges per day, giving daily inflation rates of over $2.16 million.
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According to author and intergovernmental blockchain expert Anndy Lian, Dogecoin’s staying power “derives from a blend of community-driven enthusiasm, low barriers to entry and speculative appeal.”
Lian told Cointelegraph that Dogecoin’s inflation connaissance could also contribute to the appeal of retail, Lian told Cointelegraph, adding:
“Unlike Bitcoin and Ethereum, Dogecoin’s inflation supply adds about 5 billion coins a year, but it usually maintains a price of less than a dollar, making it psychologically appealing to retail investors.”
“The appeal of retail is amplified by Dogecoin’s meme-driven branding that resonates with young internet-savvy investors,” explains Lian.
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Memokines like Dogecoin do not have underlying blockchain usage cases and usually gather based solely on social media traction and retail hype.
In November 2024, Dogecoin surpassed Porsche’s market capitalization, driven by billionaire Elon Musk’s continued support for social media.
The Dogecoin community is waiting for the Doge ETFS deadline in May
The Dogecoin community is looking closely at the U.S. Securities and Exchange Commission due to the weight of several Doge-related ETF applications.
There are four DogeCoin ETF filings awaiting approval. BitwiseDogeCoinETF, GrayscaleDogecoin ETF, 21SharesDogeCoin ETF, and Osprey FundDogeCoin ETF.
Grayscale’s ETF application is expected to respond on May 21 after SEC delayed multiple Crypto ETF filing decisions.
Bitwise filings may be answered on May 18th, marking the end of the SEC’s 75-day initial review period following the 19B-4 filing. However, the 240-day review period allows regulators to delay decisions on both submissions until October 2024.
ETF applications from 21Shares and Osprey have no deadlines set by securities regulators and are pending review of the first 19B-4 filing.
https://www.youtube.com/watch?v=ndnryf5nlkw
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