Dogecoin enthusiasts around the globe celebrated “Dogeday” on April 20 — the unofficial holiday for the world’s most famous memecoin — as the crypto world braces for upcoming decisions on four Dogecoin-related exchange-traded fund (ETF) applications in the United States.

Dogeday originated in 2021 and coincides with International Weed Day, gaining popularity through internet culture and the token’s fun, irreverent branding. Despite its roots as a joke, Dogecoin has remained a crypto heavyweight, currently ranked as the eighth-largest digital asset with a market cap of $23.3 billion, based on CoinMarketCap data.

While critics often point to Dogecoin’s inflationary supply — with 14.4 million new coins added daily — proponents argue this makes DOGE highly accessible to retail investors. Author and blockchain expert Anndy Lian notes that Dogecoin’s low price point, combined with meme-driven branding and strong online community engagement, continues to draw in younger and internet-savvy traders.

Dogecoin lacks a utility-driven blockchain infrastructure, but its value has historically soared due to viral trends and public endorsements, particularly from billionaire Elon Musk. In fact, DOGE once outpaced Porsche in market value during a social media-fueled surge in late 2024.

The community is now laser-focused on potential ETF approvals. Bitwise and Grayscale’s Dogecoin ETF filings are expected to receive SEC responses by May 18 and May 21, respectively. Both could be delayed until October if regulators extend the review period. Meanwhile, ETF proposals from 21Shares and Osprey Fund remain under initial review without set deadlines.

With regulatory decisions approaching and community spirit at its peak, Dogecoin holders are hoping this year’s Dogeday could mark a historic turning point for the memecoin’s mainstream adoption.