Dogecoin Community Celebrates 'Dogeday' Amid ETF Anticipation

According to Cointelegraph, Dogecoin enthusiasts worldwide marked "Dogeday" on April 20, an unofficial holiday celebrated by the memecoin community. This event coincides with International Weed Day and has been observed since 2021. As Dogecoin holders celebrate, they are also keenly awaiting the upcoming deadlines for exchange-traded fund (ETF) applications related to Dogecoin. Despite its origins as a joke token, Dogecoin has maintained its position as the eighth-largest cryptocurrency by market capitalization, currently valued at $23.3 billion, as reported by CoinMarketCap. The tokenomics of Dogecoin have faced criticism due to the issuance of 14.4 million new DOGE into circulation daily, resulting in a daily inflation rate exceeding $2.16 million. Anndy Lian, an author and intergovernmental blockchain expert, attributes Dogecoin's resilience to a combination of community-driven enthusiasm, low entry barriers, and speculative appeal. Lian notes that Dogecoin's inflationary supply, which adds approximately 5 billion coins annually, keeps prices accessible, typically under $1, making it attractive to retail investors. The memecoin's branding, driven by memes, resonates particularly with younger, internet-savvy investors. The Dogecoin community is closely monitoring the U.S. Securities and Exchange Commission (SEC) as it considers several DOGE-related ETF applications. Currently, 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, following a delay by the SEC on multiple crypto ETF filings. Bitwise's filing could receive a response on May 18, marking the end of the SEC's 75-day initial review period after the 19b-4 filing. However, the regulator could extend the decision period until October 2024 for both filings. The ETF applications from 21Shares and Osprey are still under review for their initial 19b-4 filings, with no specific deadline set by the securities regulator.