The worldwide owners of Dogecoin rejoice “Dogeday” on April 20, when Memecoin's community awaits the upcoming deadlines for Dogecoin-related stock market funds (ETF).
Dogeday marks the unofficial holiday of the Dogecoin (Doge) community. It was won 4 years ago, through the international weed day on April 20, within the Memecoin community on the Memecoin community.
Source: Bitget
Despite his popularity as a joke token, Dogecoin stays the eight-largest cryptocurrency after market capitalization value $ 23.3 billion.
Dotecoin's tokenomics were often criticized for the difficulty of New Doge value 14.4 million in circulation per day, which ends up in a day by day inflation rate of over 2.16 million dollars.
According to Anndy Lian, creator and intergovernmental blockchain expert, Dogecoin's perseverance is “from a combination of community-driven enthusiasm, low entry barriers and speculative attraction”.
The inflation -tokenomics of Dotecoin could also contribute to its retail criticism, Lian told CoinTelegraph and added:
“In contrast to Bitcoin or Ethereum, the inflationary offer from Dotecoin – which holds the costs for around 5 billion coins per 12 months – often keeps prices under 1 US dollar, which suggests that it’s psychologically attractive for retail investors.”
“The retail trade is reinforced by the Meme branding of Dogecoin, which takes advantage of younger, web contracts,” said Lian.
Memoins reminiscent of Dotecoin are missing underlying blockchain use cases and typically gather on the premise of social media and only in retail.
In November 2024, Dogecoin exceeded Porsche's market capitalization, which was driven by continued social media notes by the billionaire Elon Musk.
The Dogecoin community is waiting in May in May
The Dotecoin community observes the US Securities and Exchange Commission exactly because they weigh several Doge-related ETF applications.
There are 4 Dogecoin -ETF registrations that expect admission: the Bitwizen Dogecoin ETF, the grey level -Dogecoin ETF, the 21shares Dogecoin ETF and the Osprey Fund Dogecoin ETF.
The ETF application from Grayscale can be due on May 21 after the SEC delayed its decision on several crypto -ETF registrations.
The submission of BitWise could receive a solution on May 18 that marks the tip of the 75-day check period of the SEC after submitting 19b-4. However, the supervisory authority could enable the review period of 240 days to delay the choice by October 2024 for each submissions.
The ETF applications from 21shares and Osprey are still a review for his or her first 19b-4 registrations, with no specified period of the securities regulator.
