Dogecoin holders rejoice as ‘Dogeday’ 4/20 approaches with TRXUSD ETF decision looming

Dogecoin enthusiasts around the world are coming together to celebrate what they call “Dogeday” on April 20, coinciding with the upcoming deadline for Dogecoin-related exchange-traded fund (ETF) approvals. The genesis of Dogeday can be traced back to the Dogecoin (DOGE) community’s affinity for this unofficial holiday, which first gained prominence in 2021 during the annual celebration of International Weed Day on April 20.

Despite the prevalent perception of Dogecoin as a playful token, it holds the position of the eighth-largest cryptocurrency based on market capitalization, presently valued at a substantial $23.3 billion according to CoinMarketCap. Criticism directed towards Dogecoin’s tokenomics centers around its practice of injecting 14.4 million DOGE into circulation daily, resulting in a daily inflation rate surpassing $2.16 million.

Renowned author and blockchain expert Anndy Lian attributes Dogecoin’s remarkable longevity to a combination of factors including community-driven passion, low entry barriers, and its allure to speculators. Lian acknowledges the retail attraction of Dogecoin, emphasizing the significance of its inflationary supply model, which introduces approximately 5 billion coins annually and maintains prices under the $1 mark, thereby appealing to retail investors cognitively.

He further underscores the influence of Dogecoin’s meme-centric branding on its appeal to a younger demographic of tech-savvy investors. Memecoins, such as Dogecoin, lack the intricate blockchain functionalities that underpin other cryptocurrencies and are largely propelled by social media trends and retail hype rather than intrinsic value.

In a significant development in November 2024, Dogecoin’s market capitalization surpassed that of the esteemed automaker Porsche, bolstered by ongoing endorsements on social media platforms from the billionaire entrepreneur Elon Musk.

The Dogecoin community is currently on tenterhooks as they await vital decisions by the US Securities and Exchange Commission concerning a series of pending Dogecoin-related ETF applications. The applications under scrutiny include proposals by prominent entities like Bitwise, Grayscale, 21Shares, and Osprey Fund, each seeking regulatory approval for their respective DOGE-related ETF offerings.

Grayscale’s ETF proposal faces a critical deadline for review on May 21, following a delay from the SEC in addressing multiple cryptocurrency ETF filings. Bitwise’s filing, on the other hand, faces the conclusion of the SEC’s 75-day consideration period on May 18, with the possibility of an additional 240-day extension that could delay the decision until October 2024.

As the Dogecoin ETF saga unfolds, stakeholders within the Dogecoin community remain vigilant, monitoring the regulatory landscape for conclusive decisions that could potentially shape the future trajectory of this popular cryptocurrency.