On April 20, 2025, the crypto community celebrates Dogeday — an unofficial holiday in honor of the popular meme coin Dogecoin. This is a day that attracts the attention of investors and cryptocurrency enthusiasts, especially in light of expectations regarding the U.S. Securities and Exchange Commission (SEC) decision on the launch of exchange-traded funds (ETFs) based on Dogecoin. At the same time, attention is focused on the applications submitted by several ETF providers, including Grayscale, Bitwise, 21Shares, and Osprey Fund.
This is reported by Business • Media
Dogecoin, which first gained popularity in 2021, is once again drawing attention. At the time of writing, it remains the ninth largest cryptocurrency in the world by market capitalization, with a market value of around $23 billion. According to CoinMarketCap, in November 2024, Dogecoin’s market capitalization exceeded that of Porsche, reaching approximately $59.5 billion.
Stability Factors and Criticism of Dogecoin’s Tokenomics
International blockchain expert Andy Lian notes: “The resilience of Dogecoin stems from a combination of community enthusiasm, a low entry threshold, and speculative appeal.” However, the tokenomics of this cryptocurrency faces criticism due to its high inflation rate: over 14.4 million DOGE are issued daily, equivalent to more than $2.16 million in daily inflation. Lian explains: “Unlike Bitcoin and Ethereum, Dogecoin’s issuance model involves releasing about 5 billion coins per year, which keeps the price below $1. This makes it psychologically appealing to retail investors.”
Expectations for the ETF and Dogecoin’s Prospects
Currently, the SEC is reviewing four applications from ETF providers based on Dogecoin: Grayscale, Bitwise, 21Shares, and Osprey Fund. The Grayscale Dogecoin ETF is awaiting a decision by May 21, following previous delays, while Bitwise may receive a response as early as May 18, although a final decision is likely to be postponed until October 2025. The applications from 21Shares and Osprey are in the early stages without defined timelines.
The price of the meme coin at the time of writing is $0.154. It is worth noting that on December 6, 2024, Dogecoin celebrated its 11th anniversary since its creation.