Dogecoin enthusiasts around the globe commemorated today as “Dogeday,” an increasingly popular annual tradition that highlights the meme cryptocurrency’s passionate fan base. Celebrated on April 20, this marks the fourth year of expansion for what was initially an online joke turned eighth-largest cryptocurrency by market cap.
Community Spirit Fuels $23 Billion Market Cap
What started as a joke project in 2013 has become a serious money player with a market capitalization of about $23.3 billion, based on Coingecko data.
Analysts attribute the success of Dogecoin to its robust community. “Bitcoin or Ethereum is capped supply, while inflation in Dogecoin helps small investors carry big bags,” stated Anndy Lian, a blockchain advisor.
The coin introduces around 5 billion new coins annually, maintaining entry fees low for newcomers. This strategy has created a devoted fan base that shows up in large numbers for the annual April 20th celebration, which initially caught on in 2021 by aligning itself with International Weed Day.
Today is the 4th anniverary of #DogeDay
@dogecoin
Our beloved OG meme are adored by millions for its grassroots fun and crypto flaire!
Which Doge moment below lit your heart?#BitgetDogeDay pic.twitter.com/kfGfx93Dyn
— Bitget (@bitgetglobal) April 20, 2025
ETF Decisions May Alter Dogecoin’s Destiny
Some of the large financial institutions are presently waiting for decisions surrounding the Dogecoin ETF proposals, which could bring this cryptocurrency further into the limelight for mainstream investors.
According to the sources that are privy to the development, applications are presently under consideration by the U.S. Securities and Exchange Commission (SEC) for Bitwise, Grayscale, 21Shares, and Osprey Funds among others.
The initial approvals may arrive as early as May 18 for Bitwise, then Grayscale’s deadline on May 21. But the SEC can delay final decisions until October.
With approval, those ETFs would enable institutional investors such as pension funds and banks to invest in Dogecoin through standard stock exchanges, potentially injecting massive new money into the space.
Musk’s Endorsement Keeps Fuelling Popularity
Elon Musk’s continued support has been essential to Dogecoin’s sustained popularity in the saturated cryptocurrency market. The entrepreneur behind Tesla and SpaceX has continually referred to Dogecoin as “the people’s crypto,” with his social media posts frequently causing price spikes.
When Musk briefly switched Twitter’s logo to the Doge picture last year, the value of the cryptocurrency soared 20% in hours. As of November 2024, after another Musk endorsement, Dogecoin’s market cap eclipsed luxury car maker Porsche.
Long-term Sustainability In Doubt Despite Cultural Following
Not all join the enthusiasm in the community. Critics note that in contrast with Bitcoin or Ethereum, Dogecoin has no technical features such as smart contracts and staking. Its popularity relies on the hype on social media and popularity from celebrities over technological advancements.
In spite of all this, hashtags such as #Dogeday2025 and #DogecoinToTheMoon were being used on X. People posted memes of the Shiba Inu mascot in space suits, jokes pertaining to future riches, and videos commemorating the longevity of the cryptocurrency in a risky market.
Featured image from Gemini Imagen, chart from TradingView
