April 20 marks "Dogeday," an unofficial holiday celebrated by Dogecoin (DOGE) members worldwide.

The memecoin's community is also closely following upcoming deadlines for Dogecoin-related exchange-traded fund (ETF) applications.

Dogeday is an unofficial holiday within the Dogecoin community. It began in 2021 during International Weed Day on April 20.

The memecoin quickly gained traction among younger generations during the 2021 bull market, with many retail traders becoming interested in cryptocurrencies.

Despite its reputation as a joke token, Dogecoin remains the eighth-largest cryptocurrency by market capitalization, currently valued at $23.3 billion, according to CoinMarketCap.

Dogecoin's tokenomics have often been criticized for issuing 14.4 million worth of new DOGE into circulation per day, giving it a daily inflation rate of over $2.16 million.

"Dogecoin's staying power stems from a blend of community-driven enthusiasm, low entry barriers, and speculative appeal," said Anndy Lian, author and intergovernmental blockchain expert.

Dogecoin's inflationary tokenomics may also contribute to its retail appeal, Lian told Cointelegraph:

"The retail appeal is amplified by Dogecoin's meme-driven branding, which resonates with younger, internet-savvy investors."

Memecoins like Dogecoin lack underlying blockchain use cases and typically rally based on social media traction and retail hype alone.

In November 2024, Dogecoin's market capitalization surpassed that of Porsche, fueled by ongoing social media endorsements from billionaire Elon Musk.

Dogecoin community awaits DOGE ETFs deadline in May

The Dogecoin community is closely following the US Securities and Exchange Commission as it deliberates several DOGE-related ETF applications.

There are four Dogecoin ETF filings awaiting approval: the Bitwise Dogecoin ETF, the Grayscale Dogecoin ETF, the 21Shares Dogecoin ETF and the Osprey Fund Dogecoin ETF.

Grayscale's ETF application is due for a response on May 21 after the SEC delayed its decision on multiple crypto ETF filings.

Bitwise's filing could receive a response on May 18, which marks the end of the SEC's 75-day initial review period after the 19b-4 filing. However, the 240-day review period could enable the regulator to delay the decision until October 2024 for both filings.

The ETF applications from 21Shares and Osprey are still pending review for their initial 19b-4 filings, with no set deadline from the securities regulator.