Dogecoin Turns 4 Years Old: The 'Dogeday' Party is Attracting Attention on ETF Buzz

Dogecoin enthusiasts around the world have celebrated today as "Dogeday," an increasingly popular annual tradition that highlights the passionate fanbase of this meme cryptocurrency. Held on April 20th, this marks the fourth year of what originally started as an online joke that has become the eighth largest cryptocurrency by market capitalization. Community Spirit Drives Market Capitalization of 23 Billion USD The project, which started as a joke in 2013, has become a serious money-making project with a market capitalization of around $23.3 billion, based on Coingecko data. Analysts believe that the success of Dogecoin is due to its strong community. "Bitcoin or Ethereum have a limited supply, while inflation in Dogecoin allows small investors to carry large amounts of money," said Anndy Lian, a blockchain advisor. This coin introduces about 5 billion new coins annually, maintaining a low participation fee for newcomers. This strategy has created a loyal fanbase that appears in large numbers during the annual celebration on April 20, which initially started in 2021 by linking with International Weed Day. The ETF Decision Could Change the Fate of Dogecoin Some major financial institutions are currently waiting for a decision regarding the Dogecoin ETF proposal, which could make this cryptocurrency more popular among mainstream investors. According to close sources, the U.S. Securities and Exchange Commission (SEC) is currently reviewing the applications of Bitwise, Grayscale, 21Shares, and Osprey Funds along with many other applications.

The initial approvals could come as early as May 18 for Bitwise, followed by Grayscale's deadline on May 21. But the SEC may delay final decisions until October. With approval, these ETFs will allow institutional investors such as pension funds and banks to invest in Dogecoin through standard stock exchanges, potentially injecting a massive new influx of capital into this sector.

Musk's Endorsement Continues to Drive Popularity Elon Musk's continuous support is an essential factor for the sustainable popularity of Dogecoin in the saturated cryptocurrency market. The entrepreneur behind Tesla and SpaceX consistently calls Dogecoin the "people's cryptocurrency," with his social media posts frequently causing sudden price spikes. When Musk temporarily changed the Twitter logo to a Doge image last year, the value of this cryptocurrency surged by 20% within a few hours. As of November 2024, after Musk confirmed it once again, the market capitalization of Dogecoin has surpassed that of the luxury car manufacturer Porsche. Long-Term Sustainability is in Doubt Despite Cultural Monitoring Not everyone is caught up in the enthusiasm of the community. Critics note that unlike Bitcoin or Ethereum, Dogecoin lacks technical features such as smart contracts and staking. Its popularity relies more on the hype on social media and the fame of celebrities than on technological advancements. Despite all this, hashtags like #Dogeday2025 và #DogecoinToTheMoon are still being used on X. People are posting memes about the Shiba Inu mascot in an astronaut suit, jokes related to future wealth, and videos celebrating the longevity of cryptocurrency in a risky market.