Dogecoin enthusiasts around the globe are today celebrating "Dogeday," an increasingly popular annual tradition that highlights the meme cryptocurrency’s passionate fan base.

This marks the fourth year of this celebration, which is held on April 20. It began as an online joke in 2013, and has since become the eighth-largest cryptocurrency by market cap.

Community Spirit Fuels $23 Billion Market Cap

What began as a joke project in 2013 has become a serious money player with a market capitalization of about $23.3 billion, based on CoinGecko..

Analysts attribute the success of Dogecoin to its robust community.

“Bitcoin or Ethereum is capped supply, while inflation in Dogecoin helps small investors carry big bags,” Anndy Lian, a blockchain advisor, told Smart Money.

The coin introduces around 5 billion new coins annually, keeping entry fees low for newcomers. This strategy has created a devoted fan base that shows up in large numbers for the annual April 20th celebration.

It seems to have begun in 2021, with the cryptocurrency aligning itself with International Weed Day.

ETF Decisions May Alter Dogecoin's Destiny

Some of the large financial institutions are now awaiting the decisions on the Dogecoin ETF proposals, which could bring this cryptocurrency further into the limelight for mainstream investors.

According to the sources that are privy to the development, applications are presently being considered by the U.S. Securities and Exchange Commission (SEC) for Bitwise, Grayscale (CRYPTO:LIT ), 21Shares, and Osprey Funds among others.

The initial approvals may arrive as early as May 18 for Bitwise, then Grayscale’s deadline on May 21. But the SEC can delay final decisions until October.

With approval, those ETFs would enable institutional investors such as pension funds and banks to invest in Dogecoin through standard stock exchanges, potentially injecting massive new money into the space.

Musk's Endorsement Keeps Fuelling Popularity

Elon Musk’s (CRYPTO:TSLA ) continued support has been crucial to Dogecoin’s sustained popularity in the saturated cryptocurrency market. The entrepreneur behind Tesla and SpaceX has continually referred to Dogecoin as “the people’s crypto,” with his social media posts frequently causing price spikes.

However, despite its cultural following, some question Dogecoin’s long-term sustainability. In contrast with Bitcoin or Ethereum, Dogecoin has no technical features such as smart contracts and staking. Its popularity relies on the hype on social media and from celebrities more than technological advancements.

Despite this, hashtags such as #Dogeday2025 and #DogecoinToTheMoon were being used on X. People shared memes of the Shiba Inu mascot in space suits, jokes about future riches, and videos commemorating the longevity of the cryptocurrency in a risky market.