Dogecoin fans across the world are celebrating “Dogeday.” The day has become a key moment for the Dogecoin community, marking years of loyalty to the famous meme coin. This year’s celebrations feel extra special, with hopes rising around upcoming Dogecoin ETF approvals. The phrase Dogeday first began circulating in 2021, associating itself with International Weed Day, April 20, a date long associated with pleasure and counterculture. Since then, Dogecoin fans have made it a tradition to use the day to show their support for the coin, share memes, and highlight key milestones in Dogecoin’s ongoing journey. Originally starting as a joke in 2013, Dogecoin has grown into one of the largest cryptocurrencies. It is now the eighth largest by market cap, with a valuation of roughly $23.3 billion, according to CoinMarketCap data. DOGEUSDT 15-minute price chart. Source: TradingView Dogecoin’s success comes down, in large part, to its sense of community, experts say. Its model, adding around 5 billion new coins yearly, keeps it low-cost to the average new investor. “Bitcoin or Ethereum has a fixed supply, while Dogecoin’s inflation allows small investors to hold large amounts,” said Anndy Lian, a blockchain advisor. On this year’s Dogeday, hashtags such as #Dogeday2025 and #DogecoinToTheMoon trended on X. There were memes of Doge in space suits, jokes about “becoming billionaires,” and videos celebrating the resilience of Dogecoin . Investors pin hopes on Dogecoin ETF approvals As the U.S. Securities and Exchange Commission (SEC) analyzes several exchange-traded funds (ETF) applications associated with the meme coin, the Dogecoin community remains optimistically focused. Major players, including Bitwise, Grayscale, 21Shares , and Osprey Funds, have proposals pending. The decision on its Dogecoin ETF comes as soon as May 18. Grayscale’s application has a May 21 deadline, although the SEC could still push back a final decision until October. The 21Shares and Osprey Fund’s filings are still waiting on a response date. This is why the approval of a Dogecoin ETF would be monumental. This would essentially expose more conventional investors to the meme crypto in the stock markets. The SEC recently delayed its decisions on several crypto ETF proposals. However, since the approval of the first spot Bitcoin ETFs in January 2024, there’s cautious optimism for meme coins, like Dogecoin, to follow. If approved, a Dogecoin ETF would enable conventional investors, such as pension funds and banks, to invest in Dogecoin via regular stock exchanges. This would open up a huge new pool of money to the Dogecoin market and might be enough to increase prices. Elon Musk’s influence continues to power Dogecoin’s hype A big reason for Dogecoin’s continued success is the continued support of Elon Musk. The billionaire who founded the carmaker Tesla and the aerospace company SpaceX has several times called Dogecoin “the people’s crypto.” Whenever Musk tweets or jokes about Dogecoin, the coin price usually spikes. When he temporarily switched Twitter’s logo to the Doge image last year, it sent Dogecoin soaring 20% in hours. In November 2024, after Musk once again endorsed Dogecoin, the world’s seventh most valuable cryptocurrency surpassed luxury carmaker Porsche’s overall market value. Critics say Dogecoin’s dependence on social media buzz is a risky proposition. Unlike Bitcoin or Ethereum, Dogecoin lacks smart contracts, staking, and other technical features. Of course, this is all culture, memes, and community passion. With 2025 looking more and more like the year and the ETF decision looming sooner than we can imagine, there is hope in the $DOGE community. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More