Dogecoin holders worldwide celebrate “Dogeday” on April 20

Dogeday marks the unofficial holiday of the Dogecoin DOGEUSD community. It gained traction in the memecoin community four years ago, in 2021

Dogecoin (CRYPTO: DOGE) is celebrating "Dogeday" on April 20, as the memecoin's community awaits several upcoming deadlines for Dogecoin-related exchange-traded fund (ETF) applications.

What Happened: Dogeday marks the unofficial holiday of the Dogecoin community. It began trending among memecoin enthusiasts four years ago, in 2021, during International Weed Day on April 20.

Despite its reputation as a joke token, Dogecoin remains the eighth-largest cryptocurrency by market capitalization, currently valued at $23.3 billion, according to CoinMarketCap.

Dogecoin's tokenomics have often been criticized for issuing 14.4 million worth of new DOGE into circulation per day, giving it a daily inflation rate of over $2.16 million.

However, Dogecoin's staying power "stems from a blend of community-driven enthusiasm, low entry barriers, and speculative appeal," according to Anndy Lian, author and intergovernmental blockchain expert.

Dogecoin's inflationary tokenomics may also contribute to its retail appeal, Lian told Benzinga, adding: "The retail appeal is amplified by Dogecoin's meme-driven branding, which resonates with younger, internet-savvy investors."

Memecoins like Dogecoin lack any underlying blockchain use cases and typically rally based on social media traction and retail hype alone. In November 2024, Dogecoin's market cap was said to have surpassed that of Porsche (OTC:PTSH.F), driven by continued social media endorsements by billionaire Elon Musk.

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Dogecoin Community Awaits Several ETF Filings in May

The Dogecoin community is closely watching the U.S. Securities and Exchange Commission as it weighs several forthcoming DOGE-related ETF applications.

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

Grayscale's ETF application is due for a response on May 21 after the SEC delayed its decision on multiple crypto ETF filings.

Bitwise's filing could receive a response on May 18, which marks the end of the SEC's 75-day initial review period after the 19b-4 filing. However, the 240-day review period could enable the regulator to delay the decision until October 2024 for both filings.

The ETF applications from 21Shares and Osprey are still pending review for their initial 19b-4 filings, with no set deadline from the securities regulator.

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Dogecoin Price Action: Dogecoin is trading at $0.70, up 0.24% over the past 24 hours.