Cryptocurrency enthusiasts and Dogecoin holders around the world recently celebrated "Dogeday" on April 20, an unofficial holiday within the Dogecoin (DOGE) community. The tradition of Dogeday started four years ago during International Weed Day and has since become a significant event for Dogecoin supporters.

Despite being initially created as a meme token, Dogecoin has evolved to become the eighth-largest cryptocurrency by market capitalization, currently valued at $23.3 billion. One of the notable aspects of Dogecoin's tokenomics is its daily inflation rate, with 14.4 million new DOGE entering circulation each day, totaling over $2.16 million.

Anndy Lian, an author and intergovernmental blockchain expert, attributes Dogecoin's enduring popularity to a combination of factors such as community-driven enthusiasm, low entry barriers, and its speculative appeal. Lian also highlights the inflationary nature of Dogecoin as a factor that makes it attractive to retail investors. The continuous issuance of approximately 5 billion coins annually helps keep the price per coin relatively low, typically under $1, making it more accessible to a broader range of investors.

Moreover, Dogecoin's meme-driven branding has resonated particularly well with younger, internet-savvy investors, further enhancing its retail appeal. The community's engagement and the coin's association with popular culture, including high-profile endorsements from figures like billionaire Elon Musk, have contributed to its widespread recognition and adoption.

Currently, the Dogecoin community is eagerly awaiting upcoming deadlines for Dogecoin-related exchange-traded fund (ETF) applications. The US Securities and Exchange Commission (SEC) is reviewing several ETF applications, including those from Bitwise, Grayscale, 21Shares, and Osprey Fund. Grayscale's ETF application is set for a response on May 21, following a delay in the decision-making process by the SEC for multiple crypto ETF filings.

Bitwise's filing may receive a response on May 18, marking the end of the SEC's initial review period. However, the SEC has the authority to extend the review period for up to 240 days, potentially pushing the decision on both filings to October 2024. The applications from 21Shares and Osprey Fund are still pending review for their initial filings, with no specific deadline set by the securities regulator.

The potential approval of Dogecoin ETFs could open up new avenues for investment in the cryptocurrency and further legitimize its

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