Dogecoin holders worldwide celebrate “Dogeday” on April 20, while the same community awaits the upcoming deadlines for funding for negotiated stock markets (ETF) linked to Dogecoin.
DOGEDAY marks the unofficial holidays of the DOGECOIN community (DOGE). He gained ground in the same community four years ago, in 2021, during the International Day of Weeds on April 20.
Despite its reputation as a joke, Dogecoin remains the eighth largest cryptocurrency by market capitalization, currently estimated at 23.3 billion dollars, according to CoinmarketCap.
Dogecoin’s Tokenomics has often been criticized for having issued 14.4 million new DOGE in circulation per day, which gives it a daily inflation rate of more than $ 2.16 million.
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Dogecoin’s power of stay “stems from a mixture of enthusiasm focused on the community, small entrance barriers and speculative attraction”, according to Anndy Lian, author and expert in intergovernmental blockchain.
Dogecoin’s inflationary tokenomic can also contribute to its retail attraction, Lian told Cointelegraph, adding:
“Unlike Bitcoin or Ethereum, Dogecoin’s inflationary offer – adding around 5 billion parts per year – maintains accessible prices, generally less than $ 1, which makes it psychologically attractive for retail investors.”
“The attraction of retail is amplified by the brand focused on the memes of Dogecoin, which resonates with younger and warned investors,” said Lian.
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The same as Dogecoin lacks the use of the underlying blockchain and generally rally on the traction of social media and the soaring media alone.
In November 2024, Dogecoin exceeded the market capitalization of Porsche, motivated by continuous social media approvals by billionaire Elon Musk.
The Dogecoin community awaits the deadline for Doge ETF in May
The Dogecoin community looks closely at the American securities and exchange commission because it weighs several ETF applications linked to the DOGE.
There are four Dogecoin ETF deposits awaiting approval: the Bitwise Dogecoin FNB, the Grayscale Dogecoin FNB, the 21Shares Dogecoin Etf and the Fund Osprey Fund Dogecoin Etf.
The ETF application of Graycale is due to an answer on May 21 after the dry delayed its decision on several Crypto depots.
The Bitwise deposit could receive an answer on May 18, which marks the end of the initial 75-day end examination period after the 19B-4 deposit. However, the 240 -day exam period could allow the regulator to delay the decision until October 2024 for the two deposits.
The ETF applications of 21Shares and Osprey are still pending for their initial 19B-4 deposits, without due date defined by the securities regulator.
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