Crypto market participants discuss prospects of Dogecoin ETF launch

On April 20, Dogecoin holders celebrated “Dogeday”, an unofficial holiday that has become an annual event for the crypto community. Though often criticized for its lack of utility, and inflationary structure, Dogecoin continues to hold its position as the eighth-largest cryptocurrency with a $23.3 billion market capitalization. According to CoinMarketCap, roughly 14.4 million new DOGE enter circulation daily, which is a factor that helps keep the meme coin’s price low and accessible for investors.

Blockchain expert Anndy Lian attributes Dogecoin’s widespread popularity to its community enthusiasm, low entry barriers, and speculative interest. Media attention also boosts its appeal. In November 2024, Dogecoin's market capitalization briefly exceeded that of Porsche after receiving multiple public endorsements from Elon Musk.

During “Dogeday” celebrations, market participants also discussed the fate of four pending applications for meme coin exchange-traded funds (ETFs), according to CoinMarketCap. The US Securities and Exchange Commission (SEC) is set to rule on proposals from Bitwise and Grayscale by October 2025, while applications from 21Shares and Osprey remain in the early stages of review.