April 20th, widely recognized as International Weed Day, has also become a key date for the Dogecoin community, which commemorates the event as “Dogeday.” This annual celebration, rooted in online culture, began in 2021 and has since become a hallmark of the cryptocurrency’s identity. Despite facing ongoing criticism for its inflationary structure and lack of inherent utility, Dogecoin (DOGE) continues to maintain a notable presence in the cryptocurrency market.
Currently valued at $23.3 billion, Dogecoin ranks as the eighth-largest cryptocurrency by market capitalization. The coin’s inflationary model sees roughly 14.4 million new coins entering circulation every day, which translates to a daily inflation rate exceeding $2.16 million. Over the course of a year, this amounts to the creation of approximately 5 billion additional DOGE tokens. While the coin’s structure has garnered criticism, it also contributes to Dogecoin’s retail appeal, keeping its price relatively low—often under $1.
Anndy Lian, a blockchain expert, attributes Dogecoin’s enduring popularity to its engaged community, low entry barriers for investors, and the speculative interest it generates. According to Lian, the coin’s inflationary nature makes it accessible to everyday investors, and its meme-driven identity resonates strongly with a younger, internet-savvy audience.
Dogecoin’s appeal largely remains rooted in the world of online culture, with limited blockchain utility underpinning its value. Like other meme coins, DOGE often sees spikes in popularity driven by social media hype and celebrity endorsements. Notably, in November 2024, Dogecoin briefly surpassed Porsche in market capitalization following several high-profile endorsements from Tesla CEO Elon Musk, further fueling retail interest.
As the Dogeday celebrations unfolded, attention within the Dogecoin community also turned to the future of its exchange-traded fund (ETF) applications. Four such proposals are currently under review, including submissions from Bitwise, Grayscale, 21Shares, and Osprey Fund.
The ETF applications from Bitwise and Grayscale are currently under review by the U.S. Securities and Exchange Commission (SEC), with final decisions expected by October 2025. Meanwhile, applications from 21Shares and Osprey remain in the early stages, awaiting movement on their 19b-4 filings, though no specific decision dates have been announced.
While the fate of DOGE ETFs remains uncertain, Dogecoin’s place in the cryptocurrency market continues to be shaped by its passionate community, speculative nature, and its role in broader conversations about the future of crypto investment products. As the SEC’s decision deadlines approach, industry watchers and investors alike are closely monitoring the developments surrounding these ETF applications.
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