Dogecoin holders celebrate ‘Dogeday’ as ETF hopes fuel meme coin momentum

Dogecoin enthusiasts worldwide celebrated Dogeday, a significant annual event marking years of dedication to this popular meme coin. This year's celebration held extra significance, fueled by anticipation surrounding potential Dogecoin ETF approvals.

Dogeday's origins trace back to 2021, coinciding with April 20th, a date often associated with counterculture. Since then, Dogecoin fans have embraced the day as an opportunity to demonstrate their support, share memes, and acknowledge milestones in Dogecoin's journey.

Initially launched as a lighthearted project in 2013, Dogecoin has evolved into a major cryptocurrency. It currently ranks among the top eight cryptocurrencies by market capitalization, boasting a valuation of approximately $23.3 billion (according to CoinMarketCap data).

Dogecoin's success is largely attributed to its strong community, experts suggest. Its inflationary model, introducing roughly 5 billion new coins annually, makes it accessible to smaller investors. "Bitcoin or Ethereum have a fixed supply, while Dogecoin's inflation allows small investors to hold larger amounts," explained Anndy Lian, a blockchain advisor.

This year's Dogeday saw hashtags like #Dogeday2025 and #DogecoinToTheMoon trending on X, accompanied by space-suited Doge memes, billionaire jokes, and videos celebrating Dogecoin's resilience.

Investor Hopes Pinned on Dogecoin ETF Approvals

As the U.S. Securities and Exchange Commission (SEC) reviews several Dogecoin ETF applications, the community maintains optimistic expectations. Prominent players, including Bitwise, Grayscale, 21Shares, and Osprey Funds, have submitted proposals.

A decision on a Dogecoin ETF is anticipated as early as May 18th. Grayscale's application has a May 21st deadline, though the SEC could delay a final decision until October. 21Shares and Osprey Fund filings await response dates.

Approval of a Dogecoin ETF would be transformative, exposing conventional investors to this meme cryptocurrency through stock markets.

The SEC recently postponed decisions on several crypto ETF proposals. However, following the approval of the first spot Bitcoin ETFs in January 2024, cautious optimism has emerged for meme coins like Dogecoin.

A Dogecoin ETF would allow traditional investors, such as pension funds and banks, to invest via regular stock exchanges, potentially injecting substantial capital into the Dogecoin market and influencing its price.

Elon Musk's Enduring Influence

Elon Musk's continued support significantly contributes to Dogecoin's ongoing success. The Tesla and SpaceX founder has repeatedly referred to Dogecoin as "the people's crypto."

Musk's tweets and comments about Dogecoin often trigger price spikes. Last year, his temporary change of Twitter's logo to the Doge image resulted in a 20% surge in Dogecoin's price within hours. In November 2024, following another endorsement from Musk, Dogecoin briefly surpassed Porsche's market capitalization.

Critics argue that Dogecoin's reliance on social media buzz presents a risk. Unlike Bitcoin or Ethereum, it lacks smart contracts, staking, and other technical features. However, its appeal undeniably rests on its culture, memes, and passionate community.

With 2025 approaching and the ETF decision potentially imminent, hope remains high within the $DOGE community.