Source: Cointelegraph Original: "{title}"
Global Dogecoin holders are celebrating "Dogeday" on April 20, while the Dogecoin community is also focusing on the upcoming key deadlines related to DOGE-related ETF applications.
Dogeday is an unofficial holiday for the Dogecoin community. This celebration began four years ago in 2021 and initially gained popularity within the meme coin space alongside International Weed Day on April 20.
Although Dogecoin is considered a "joke coin," it remains the eighth largest cryptocurrency by market capitalization globally, with a current market cap of approximately $23.3 billion, according to CoinMarketCap.
The tokenomics of Dogecoin are often criticized, as approximately 14.4 million new DOGE enter circulation daily, resulting in a daily inflation amount exceeding $2.16 million at current prices.
The enduring vitality of Dogecoin "stems from a combination of community-driven enthusiasm, a low barrier to entry, and its speculative appeal," said writer and intergovernmental blockchain expert Anndy Lian.
In an interview with Cointelegraph, Lian stated that Dogecoin's inflationary token economic model may also enhance its appeal among retail investors, adding:
"Unlike Bitcoin or Ethereum, Dogecoin adopts an inflationary supply mechanism—about 5 billion new tokens are added each year—which keeps its price at an easily acceptable level, usually below $1, making it psychologically more attractive to retail investors."
"The brand image of Dogecoin, based on meme culture, further amplifies this retail appeal, resonating with younger, internet-savvy investors," Lian explained.
Meme coins like Dogecoin often lack practical blockchain application scenarios, and their price movements tend to rely entirely on social media hype and retail sentiment.
In November 2024, under the continued social media support of billionaire Elon Musk, Dogecoin's market cap briefly surpassed that of Porsche.
Dogecoin Community Focuses on May DOGE ETF Deadline
The Dogecoin community is closely monitoring the SEC, which is currently reviewing several DOGE-related ETF applications.
There are currently four Dogecoin ETFs awaiting approval: Bitwise Dogecoin ETF, Grayscale Dogecoin ETF, 21Shares Dogecoin ETF, and Osprey Fund Dogecoin ETF.
Grayscale's ETF application is set to receive a response on May 21, following the SEC's delay in ruling on multiple cryptocurrency ETF applications.
Bitwise's application may receive a response on May 18, marking the end of the SEC's 75-day initial review period for its 19b-4 filing. However, according to regulations, the SEC has up to 240 days for review, meaning the agency could postpone its final decision on these two applications until October 2024.
The ETF applications from 21Shares and Osprey are still in the preliminary review stage, and their 19b-4 filings have not yet received a clear response deadline from the SEC.
Related: Analysts Focus on Easter Weekend, UK Company Purchases $250 Million in Bitcoin
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