Dogecoin owners were marked as “Dogeday” on April 20th. This is a community-driven celebration that began in 2021 and coincides with International Weed Day. The date is the annual event for the Dogecoin community, which remains in its cryptocurrency market despite criticism of its lack of utility and inflation structure.
Currently worth $23.3 billion, DogeCoin ranks as the eighth largest cryptocurrency by market capitalization. Approximately 14.4 million new coins join the circulation every day, resulting in an increase inflation of over $2.16 million each day. This amounts to an additional 5 billion coins a year. These talknomics have attracted criticism, but by keeping prices relatively low, they seem to contribute to the retail appeal of coins that are often under a dollar.
Blockchain expert Anndy Lian says Dogecoin’s popularity is supported by community enthusiasm, low barriers to entry and speculative interest. He explained that the inflationary supply of coins makes it accessible to everyday investors, and that meme-driven identity resonates with the young demographics focused on the internet.
The appeal of coins remains primarily rooted in online culture, with few underlying blockchain utilities. Meme coins like Dogecoin are usually more popular due to social media involvement and hype. In November 2024, Dogecoin temporarily surpassed Porsche by market capitalization, following a string of public support from Elon Musk, further raising retail interest.
Just as the Dogeday celebration was made, attention within the Dogecoin community has also become the status of four pending Exchange-Traded Fund (ETF) applications related to Doge. These include suggestions from Bitwise, Grayscale, 21shares, and The Osprey Fund.
Both Bitise and Grayscale’s Dogecoin ETF applications are under SEC review and final decisions are scheduled for October 2025
The 21 share and application from Osprey are still in the early stages, awaiting the movement to file the first 19B-4. No specific decision date has been announced for any of these proposals.
While the future of Doge ETF remains uncertain, the Dogecoin market presence continues to be shaped by its online community, speculative appeal, and the visibility of broader conversations about its crypto investment products. As the SEC deadline approaches, the results of these ETF applications are being closely monitored by both investors and industry observers.