April 20th (4/20) is known as "Doge Day" in the Doge community, originating from the internet culture meme around the number "420". Despite this year's Bitcoin halving event dominating the cryptocurrency market, Doge holders still celebrated through social media with the #DogeDay tag, driving the price up. As of writing, Doge has risen 12% intraday, currently trading at $0.169.
The U.S. Securities and Exchange Commission (SEC) will make a decision on the first batch of Doge ETF applications in May, but the industry generally believes the approval likelihood is close to zero. Bloomberg ETF analyst James Seyffart noted that the SEC has not had substantive communication with any Doge ETF applicants, which is typically a sign of rejection. Current pending applications include proposals from institutions like VanEck, Ark Invest, and 21Shares.
Despite the slim ETF hopes, Doge's price is still driven by "Doge Day" sentiment. In 2021's "Doge Day", Doge once surged over 100% in a single day, but this year's increase is relatively moderate. Analysts warn that as a meme coin lacking practical use cases, Doge's price heavily depends on community enthusiasm, and investors should be cautious of risks.
Doge was born in 2013 as a joke cryptocurrency, and later became a phenomenal asset due to endorsements from celebrities like Elon Musk, currently ranking 8th in market capitalization. The SEC has previously only approved Bitcoin spot ETFs and maintains a cautious attitude towards meme coin products.
