Dogecoin (CRYPTO: DOGE) celebrated "Dogeday" on April 20, marking the day with festivities befitting the meme coin's community culture.

Also known as International Weed Day, April 20 has become an annual occasion for Dogecoin to rally together, especially in recent years as the coin faces criticism over its lack of utility and inflationary structure.

Despite this, Dogecoin manages to maintain a presence in the cryptocurrency market, largely due to its strong community and visibility in broader conversations about crypto investment products, particularly exchange-traded funds (ETFs).

At present, four proposals for a DOGE ETF are pending with the U.S. Securities and Exchange Commission (SEC). These proposals, from Bitwise, Grayscale, 21Shares, and the Osprey Fund, are being closely watched by both investors and industry members.

Both Bitwise and Grayscale’s Dogecoin ETF applications are now subject to SEC review, following the regulator’s no-action letter in March to 21Shares. Final decisions on those proposals are due by October 2025.

Applications from 21Shares and Osprey are still in earlier stages, awaiting movement on their initial 19b-4 filings. No specific decision dates have been announced for either of those proposals.

Dogecoin's appeal is largely rooted in online culture rather than having deep blockchain utility. Meme coins like Dogecoin typically rise in popularity due to social media engagement and hype. In November 2024, Dogecoin briefly surpassed Porsche (OTC:PTSH.F) in market capitalization, following a series of public endorsements from Elon Musk, further fueling retail interest.

As Dogeday celebrations took place, attention within the Dogecoin community also turned to the status of the four pending ETF applications and the upcoming deadlines on Bitwise and Grayscale’s proposals.

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