Dogecoin (DOGE) Holders Celebrate 'Dogeday' as SEC Approaching Decisions on Several Dogecoin ETF Filings

Yerevan - April 20 is “Dogeday,” an unofficial community event linked to the token’s meme origins. The celebration began in 2021 during International Weed Day and has been observed by Dogecoin supporters.

Dogeday coincides with the approaching U.S. Securities and Exchange Commission (SEC) decisions on several Dogecoin ETF filings.

The timing adds significance to this year’s celebration, which comes after a period of SEC activity on cryptocurrency products.

Dogecoin is among the top ten cryptocurrencies, with a current market capitalization of $23.3 billion, according to CoinMarketCap data on April 20.

Dogecoin Inflation Rate Surpasses $2 Million Daily

The Dogecoin network issues around 14.4 million DOGE every day. At current prices, that volume results in a daily Dogecoin inflation rate exceeding $2.16 million.

Despite inflation, Dogecoin holders continue to support the token, citing its accessibility and familiarity.

Dogecoin inflation differs from Bitcoin or Ethereum. The token has no cap on supply. Instead, about 5 billion DOGE are added each year. This keeps the price relatively low, usually under $1, and contributes to its wide retail circulation.

Dogecoin holders often highlight the ease of use and branding of the token, which began as a parody in 2013 but has developed a consistent user base.

Dogecoin ETF Applications Await SEC Response

The SEC has received four Dogecoin ETF proposals. These include the Bitwise Dogecoin ETF, Grayscale Dogecoin ETF, 21Shares Dogecoin ETF, and the Osprey Fund Dogecoin ETF.

The SEC must respond to Bitwise’s Dogecoin ETF application by May 18. That deadline marks the end of the 75-day initial review period under Rule 19b-4.

However, the SEC can extend the review period to 240 days, which would move a final decision to October 2024.

Grayscale’s Dogecoin ETF application has a May 21 response deadline. The SEC already postponed this filing earlier in the year. Both filings follow the standard ETF timeline.

Meanwhile, the SEC has not yet set any deadlines for the two Dogecoin ETF applications submitted by 21Shares and Osprey. These two applications are still in the early review stage.

The Dogecoin ETF decisions come during ongoing discussions about cryptocurrency-based investment products.

Recently, the SEC delayed rulings on several altcoin ETF proposals. These applications are being reviewed according to standard SEC procedures, which may lead to acceptance, rejection, or a delay within the extended period.

As of now, none of the Dogecoin ETFs have received final approval from the SEC.

Dogecoin holders are closely monitoring the status of these filings, as the outcome will affect the availability of DOGE to a broader set of investors through regulated financial products.

Dogecoin Retail Demand Linked to Price and Familiarity

Dogecoin holders often cite the low unit price as a factor in the token’s continued interest.

“Unlike Bitcoin or Ethereum, Dogecoin’s inflationary supply — adding roughly 5 billion coins annually — keeps prices accessible, typically under $1,” said blockchain author Anndy Lian.

He added that the meme-based identity makes it relatable to internet-native users. The branding remains a factor in its staying power despite the lack of broader use cases or smart contract features.

Dogecoin has no direct role in decentralized finance or real-world asset tokenization. However, it consistently ranks among the most talked-about digital assets online.

Dogecoin Once Surpassed Porsche’s Market Cap

In November 2024, Dogecoin briefly surpassed Porsche in market capitalization. The rise followed continued social media attention, including posts from Elon Musk. That surge placed Dogecoin above several established companies in market value.

Despite that moment, Dogecoin’s performance is largely driven by retail participation and community activity. Unlike platforms such as Ethereum or Solana, Dogecoin does not support decentralized applications or smart contract protocols.

Still, Dogecoin holders remain active, especially during events like Dogeday. The token’s community continues to engage in social media campaigns and track ETF developments as May deadlines approach.