Dogecoin owners around the world celebrate “Dogeday” on April 20, when the Memecoin community is waiting for the upcoming dates regarding applications for the stock exchange fund (ETF) associated with dogs.
Dogeday means the unofficial holiday of the Dogecoin community (dog). Four years ago, he gained adhesion in the Memecoin community, in 2021, during the International Day of Chwastów on April 20.
Despite its reputation as jokes, Dogecoin remains the eighth largest cryptocurrency by market capitalization, currently valued at $ 23.3 billion, According to to Coinmarketcap.
Dogecoin tokenomics was often criticized for spending a fresh dog worth 14.4 million to circulation per day, which gives a daily inflation rate of over $ 2.16 million.
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According to Annda Lian, author and expert, blockchain results from a mixture of community -based enthusiasm, low input barriers and speculative appeal. “
Dogecoin inflation tokenomics can also contribute to its retail attractiveness, Lian told Cointelegraph, adding:
“Unlike Bitcoin or Ethereum, Dogecoin inflation supply – adding about 5 billion coins a year – provides available prices, usually below USD 1, which makes it mentally attractive for retail investors.”
“The retail appeal is strengthened by the Dogecoin’s Meme brand, which resonates with younger investors with the Internet,” Lian explained.
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Memecoins, such as Dogecoin, are lacking under the basis of the apply of blockchain and usually accumulates based on adhesion in social media and the retail hype itself.
In November 2024, Dogecoin exceeded the market capitalization of Porsche, driven by further support for social media by billionaire Elon Musk.
The Dogecoin community is waiting for the Doge ETFS term in May
The Dogecoin community is carefully observing the American Commission for Securities and Exchange, because it weighs several ETF applications related to DOGE.
There are four ETF Dogecoin applications in anticipation: BitWise Dogecoin ETF, Grayscale Dogecoin ETF, 21Shares Dogecoin ETF and Osprey Fund Dogecoin ETF.
The Grayscale ETF application is suitable for the response on May 21 after SEC delayed the decision on many ETF acts in Krypto.
The BitWise report may receive a response on May 18, which means the end of the 75-day Second review period after submitting 19b-4. However, the 240-day review period may allow the regulator to delay the decision by October 2024 in the case of both applications.
The applications of ETF from 21 Shares and Osprey still expect to review their initial reports 19b-4, without a set date from the securities regulator.
https://www.youtube.com/watch?v=ndnryf5nlkw
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