Dogecoin holders around the world celebrate “Dogeneday” on April 20, while the Memecoin community awaits the upcoming deadlines for dogecoin -related applications (ETF).
Select marked unofficial dogcoin holiday (Doge) community. It gained traction in the Memecoin community four years ago, in 2021, during the International Weed Day on April 20.
Despite its reputation as a joke token, Dogecoin remains eighth largest cryptocurrency by market capitalization, currently costing $ 23.3 billion, According to In coinmarketcap.
DOGECOIN’s tokenomics are often criticized for the release of 14.4 million worth of new Doge to circulation per day, giving it a sunny rate of inflation of over $ 2.16 million.
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Dogecoin’s staying power is “coming from a blend of community-driven enthusiasm, low innovation, and imaginary appeal,” according to Anndy Lian, author and expert in the Intergovernmental Blockchain.
Dogecoin’s inflationary tokenomics can also contribute to its retail appeal, Lian told Cointelegraph, which increases:
“Unlike Bitcoin or Ethereum, Dogecoin’s inflationary supply -increasing approximately 5 billion coins year -old -keeping accessible prices, usually under $ 1, making it psychological appealing for retail investors.”
“The retail appeal is boosted by branding driven by the Dogecoin meme, which reflects younger, Internet-Savvy investors,” Lian explained.
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Memecoins such as Dogecoin lack the underlying cases of blockchain use and are common rallies based on social media traction and retail hype only.
In November 2024, Dogecoin brought Porsche’s Market capitalization, driven by continued social media endorsement of BILLION ELON MUSK.
The Dogecoin Community Awesomed the DOGE ETFS deadline in May
The Dogecoin community is closely watching the US Securities and Exchange Commission as it weighs some DOGE -related applications.
There are four Filing Dogecoin ETFs waiting for 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 to a response on May 21 after the SEC has delayed its decision in multiple filing crypto etf.
Bitwise filing may receive a response on May 18, marking the end of the 75-day initial SEC analysis after filing 19B-4. However, the 240-day review period can enable the regulator to delay the decision until October 2024 for the same filing.
ETF applications from 21shares and Osprey are still pending review for their initial 19B-4 filing, with no deadline set from the regulator Securities.
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