Annual 4/20 Holiday Highlights Memecoin’s Staying Power
Dogecoin (DOGE) holders around the world are celebrating “Dogeday” on April 20, a tradition that has taken root in the crypto space since 2021 and coincides with International Weed Day. What began as a meme-driven joke now marks a day of celebration for one of crypto’s most resilient—and unconventional—assets.
Dogecoin, once dismissed as an internet meme, now ranks as the eighth-largest cryptocurrency by market capitalization at $23.3 billion, according to CoinMarketCap. Despite being inflationary by design, it continues to thrive, buoyed by retail enthusiasm, community culture, and social media virality.
Inflation Isn’t a Bug—It’s a Feature
Dogecoin issues approximately 14.4 million DOGE daily, equivalent to over $2.16 million in daily inflation. This translates to a long-term supply increase of roughly 5 billion DOGE annually—a fact often cited by critics but embraced by the coin’s community.
“Unlike Bitcoin or Ethereum, Dogecoin’s inflationary supply keeps prices accessible, typically under $1, making it psychologically appealing for retail investors,” said Anndy Lian, blockchain author and intergovernmental advisor.
He added that Dogecoin’s branding and meme-driven narrative make it particularly appealing to younger, internet-native investors.
While Dogecoin lacks core use cases like smart contracts or DeFi integration, its community-driven ethos and endorsement by high-profile figures like Elon Musk have kept it relevant. In November 2024, Dogecoin even briefly surpassed Porsche’s market capitalization, fueled by another Musk-led social media surge.
ETF Decisions Incoming: Community Awaits May Deadlines
Dogeday 2025 carries an added layer of anticipation as the U.S. Securities and Exchange Commission (SEC) reviews several Dogecoin-related exchange-traded fund (ETF) applications.
Four DOGE ETF proposals are currently awaiting decisions:
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Bitwise Dogecoin ETF – Initial decision expected by May 18, with a final deadline as late as October 2024.
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Grayscale Dogecoin ETF – Response deadline set for May 21.
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21Shares Dogecoin ETF – Still pending, with no set decision date.
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Osprey Fund Dogecoin ETF – Also pending, early in the review process.
A decision in favor of any Dogecoin ETF would mark a historic first for a memecoin and could open the door to institutional exposure and greater market legitimacy.
Final Thoughts: Joke No More?
Despite its origins as a parody of crypto culture, Dogecoin continues to defy market logic, surviving multiple boom-and-bust cycles and emerging as a cultural icon in the blockchain space.
As Dogeday celebrations sweep across online communities, the real fireworks could come in May—if the SEC approves the first-ever DOGE ETF. Whether that happens or not, Dogecoin has proven that memes, community, and price accessibility are sometimes enough to keep a coin not just alive, but thriving.
