Dogecoin Holders Mark 4/20 ‘Dogeday' as SEC Reviews ETF Applications
Dogecoin holders marked April 20 as 'Dogeday,' a community-driven celebration that started in 2021 and coincides with International Weed Day. The date has become an annual event for the Dogecoin community, which has maintained its presence in the cryptocurrency market despite criticism over its lack of utility and inflationary structure.
Currently valued at $23.3 billion, Dogecoin ranks as the eighth-largest cryptocurrency by market capitalization. It adds roughly 14.4 million new coins into circulation each day, resulting in a daily inflation of over $2.16 million. That amounts to an annual addition of around 5 billion coins. These tokenomics have drawn criticism but also appear to contribute to the coin's retail appeal by keeping prices relatively low, often under $1.
Anndy Lian, a blockchain expert, says Dogecoin's popularity is supported by community enthusiasm, low entry barriers, and speculative interest. He explained that the coin's inflationary supply keeps it accessible for everyday investors and that its meme-driven identity resonates with a younger, internet-focused demographic.
The coin's appeal remains mostly rooted in online culture, with little underlying blockchain utility. Meme coins like Dogecoin typically rise in popularity due to social media engagement and hype. In November 2024, Dogecoin briefly surpassed Porsche in market capitalization, following a series of public endorsements from Elon Musk, further fueling retail interest.
As Dogeday celebrations took place, attention within the Dogecoin community also turned to the status of four pending exchange-traded fund (ETF) applications related to DOGE. These include proposals from Bitwise, Grayscale, 21Shares, and the Osprey Fund.
Both Bitwise and Grayscale's Dogecoin ETF applications are under SEC review, with final decisions due by October 2025
Applications from 21Shares and Osprey are still in early stages, awaiting movement on their initial 19b-4 filings. No specific decision dates have been announced for either of those proposals.
While the future of DOGE ETFs remains uncertain, Dogecoin's market presence continues to be shaped by its online community, speculative appeal, and visibility in broader conversations about crypto investment products. As the SEC's deadlines approach, the outcome of these ETF applications is being closely watched by both investors and industry observers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
28 minutes ago
- Bloomberg
Tesla Set to Open India Showrooms in July With Made-in-China EVs
Tesla Inc. is set to open its first showrooms in India in July, people familiar with the discussions said, kicking off formal operations in the world's third-biggest automobile market as the Elon Musk-led firm hunts for growth amid falling sales in Europe and China. The electric vehicle giant's first set of cars have arrived in the country — Model Y rear-wheel drive SUVs shipped from Tesla's China factory, according to the people, who asked not to be identified as the information is private, as well as documents seen by Bloomberg News. The Model Y is the world's largest selling electric car.
Yahoo
30 minutes ago
- Yahoo
Texas Lawmakers Urge Tesla to Delay Robotaxi Launch in Austin Until New Law Takes Effect
A group of Democratic state lawmakers in Texas is urging Tesla (TSLA, Financials) to delay the rollout of its autonomous robotaxi service in Austin, citing pending state regulations set to take effect on Sept. 1, 2025. Warning! GuruFocus has detected 4 Warning Signs with NVDA. In a letter addressed to Tesla's director of field quality, Eddie Gates, seven members of the Austin delegation requested a delay, saying it would be in the interest of public safety and would help build trust in the company's operations. The lawmakers shared the letter publicly via social media. Under the new Texas law, operators of autonomous vehicles must first obtain authorization from the state Department of Motor Vehicles. To qualify, companies must demonstrate their vehicles can follow traffic laws, are insured and registered, meet federal standards, include recording systems, and can default to a minimal risk condition if the autonomous system fails. Tesla CEO Elon Musk previously said the company was tentatively targeting June 22 for the launch, but noted the team was being super paranoid about safety, and the timeline could shift. The robotaxi launch is a pivotal moment for Tesla, which has faced political scrutiny and stock volatility in recent months. Lawmakers asked Tesla to respond with evidence that its operations will meet the new legal requirements if it moves forward with the rollout this weekend. This article first appeared on GuruFocus.
Yahoo
an hour ago
- Yahoo
1 Top Cryptocurrency to Buy Before It Doubles in the Second Half of 2025, According to Multiple Analysts
Crypto markets climbed higher late last year, but have barely budged past January highs. This cryptocurrency has several macroeconomic factors working in its favor. One big trend could push its price significantly higher by the end of 2025. 10 stocks we like better than Bitcoin › The entire cryptocurrency market climbed 66% from just before Donald Trump's election win in November to mid-December. Since then, however, many of the most popular cryptocurrencies have failed to continue moving higher. Bitcoin (CRYPTO: BTC) has been one of the stronger performers. It set an all-time high in January, and it recently climbed slightly above that level in May. As of June 18, Bitcoin trades for about $105,000. But multiple analysts see the value of Bitcoin nearly doubling by the end of the year, reaching $200,000. Here's why analysts are bullish on the leading cryptocurrency. Over the last couple of months, several analysts have reaffirmed expectations for Bitcoin to climb to $200,000 by the end of the year. Bernstein called its $200,000 year-end estimate for Bitcoin "high-conviction and conservative." Standard Chartered analysts called for a series of sharp increases during the next few months that could push the price to $200,000 by year-end. Bitwise analysts think the fair value of Bitcoin right now is $230,000 but only expect it to reach $200,000 by the end of the year. 21Shares strategists also see the cryptocurrency hitting the magic $200,000 mark by year-end as well. There are several factors supporting the continued increase in Bitcoin's value, according to the analysts. Bitwise points to the rising U.S. fiscal debt, exacerbated by the new tax bill that passed through the House recently. Analysts argue that Bitcoin presents a type of insurance against sovereign debt defaults since it's a scarce and decentralized asset. Standard Chartered is seeing data that shows the market agrees with that sentiment. It said exchange-traded fund (ETF) flows are shifting from gold into Bitcoin, suggesting it's more of a safe asset. It also says Bitcoin wallets with more than 1,000 Bitcoins resumed accumulating the asset during recent dips. 21Shares saw the recent Consumer Price Index numbers as a bullish sign for Bitcoin because cooler inflation could give the Federal Reserve the green light to reduce interest rates. That could push wider adoption of riskier assets. But there's one trend that could drive Bitcoin's price higher well beyond 2025, and it appears to be accelerating. Bitcoin's price is based almost entirely on supply and demand. There's a fixed supply of Bitcoin -- only 21 million will ever exist, of which about 19.9 million are already in circulation. So, strong growth in demand will send its value up over time. To that end, we're seeing signs of more growth in demand. ETF inflows have reaccelerated after a pullback in March and April. On top of that, there's growing interest in Bitcoin treasury companies that aim to follow in the footsteps of Strategy, formerly known as MicroStrategy, whose main business is buying and holding Bitcoin. We saw a new pure play on the Strategy Bitcoin treasury idea, Twenty One, agreeing to go public in late April. Trump Media raised $2.5 billion to establish a Bitcoin treasury at the end of May. Several other businesses have taken to the idea of selling shares in their company to buy Bitcoin, injecting billions of dollars of demand and a continuous flow of more demand in the future. So, not only is there more institutional interest in buying Bitcoin, but there's growing corporate interest as well. The current political environment is making it easier for both to confidently hold Bitcoin on their books, so the trend should continue for a long time. Most investors can easily invest in Bitcoin through their regular brokerage account by purchasing a Bitcoin ETF. The expense ratios on the best Bitcoin ETFs are relatively low and worth paying for the simplicity and security they provide. If you'd rather buy Bitcoin directly, opening an account on a crypto exchange isn't difficult, but beware of the hidden costs of crypto transactions, including slippage and take rates from exchanges. You'll also need to remain mindful of security concerns regarding custody of your Bitcoin. Before you buy stock in Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Bitcoin wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $659,171!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $891,722!* Now, it's worth noting Stock Advisor's total average return is 995% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 9, 2025 Adam Levy has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy. 1 Top Cryptocurrency to Buy Before It Doubles in the Second Half of 2025, According to Multiple Analysts was originally published by The Motley Fool
