Dogecoin Celebrates Fourth Anniversary Amid ETF Approval Anticipation

April 20 is celebrated as “Dogeday,” marking the fourth anniversary of this event for Dogecoin, which has grown from a meme to the eighth-largest cryptocurrency with a market cap of approximately $23.3 billion.

Key Highlights

Dogecoin's community plays a significant role in its success, with ongoing annual introduction of around 5 billion new coins keeping entry costs low for new investors.
Celebrations align with International Weed Day, attracting large participation since 2021.
SEC is reviewing ETF applications for Dogecoin from firms like Bitwise and Grayscale, with initial decisions expected between May 18 and May 21.
Approval of ETFs could open institutional investment avenues, potentially leading to significant capital inflow into Dogecoin.
Elon Musk’s endorsements have significantly influenced Dogecoin's popularity, with past tweets causing price surges.
Critics argue that Dogecoin lacks technical features found in Bitcoin or Ethereum, relying largely on social media hype and celebrity influence.

Despite skepticism regarding long-term viability, hashtags related to Dogeday continue to trend online, showcasing community engagement through memes and celebratory posts.