Dogecoin Holders Mark 4/20 ‘Dogeday' as SEC Reviews ETF Applications
Dogecoin holders marked April 20 as 'Dogeday,' a community-driven celebration that started in 2021 and coincides with International Weed Day. The date has become an annual event for the Dogecoin community, which has maintained its presence in the cryptocurrency market despite criticism over its lack of utility and inflationary structure.
Currently valued at $23.3 billion, Dogecoin ranks as the eighth-largest cryptocurrency by market capitalization. It adds roughly 14.4 million new coins into circulation each day, resulting in a daily inflation of over $2.16 million. That amounts to an annual addition of around 5 billion coins. These tokenomics have drawn criticism but also appear to contribute to the coin's retail appeal by keeping prices relatively low, often under $1.
Anndy Lian, a blockchain expert, says Dogecoin's popularity is supported by community enthusiasm, low entry barriers, and speculative interest. He explained that the coin's inflationary supply keeps it accessible for everyday investors and that its meme-driven identity resonates with a younger, internet-focused demographic.
The coin's appeal remains mostly rooted in online culture, with little underlying blockchain utility. Meme coins like Dogecoin typically rise in popularity due to social media engagement and hype. In November 2024, Dogecoin briefly surpassed Porsche in market capitalization, following a series of public endorsements from Elon Musk, further fueling retail interest.
As Dogeday celebrations took place, attention within the Dogecoin community also turned to the status of four pending exchange-traded fund (ETF) applications related to DOGE. These include proposals from Bitwise, Grayscale, 21Shares, and the Osprey Fund.
Both Bitwise and Grayscale's Dogecoin ETF applications are under SEC review, with final decisions due by October 2025
Applications from 21Shares and Osprey are still in early stages, awaiting movement on their initial 19b-4 filings. No specific decision dates have been announced for either of those proposals.
While the future of DOGE ETFs remains uncertain, Dogecoin's market presence continues to be shaped by its online community, speculative appeal, and visibility in broader conversations about crypto investment products. As the SEC's deadlines approach, the outcome of these ETF applications is being closely watched by both investors and industry observers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
Tesla (TSLA) Invites a Small Group of People to Test Its Robotaxi Service
EV maker Tesla (TSLA) has started inviting a small group of people to try out its robotaxi service in Austin, Texas. The test could begin as early as Sunday, according to Reuters. Riders must be at least 18 years old, and a Tesla employee will sit in the front passenger seat during each ride. Furthermore, the test will use about 10 Model Y SUVs running on Tesla's Full Self-Driving software. Those who receive the invitation can download Tesla's Robotaxi app to call a ride, and are asked to share their feedback on the experience. Confident Investing Starts Here: This trial is important for Tesla as the company shifts its focus from building affordable electric cars to working on robotics and artificial intelligence. Unsurprisingly, CEO Elon Musk says that safety is the top priority, with humans monitoring the cars remotely. He believes that the robotaxi service can grow quickly if the trial goes well. Still, experts are worried about Tesla's approach, which relies solely on cameras and AI, rather than incorporating additional sensors like lidar or radar. These worries grow in conditions like fog, heavy rain, or bright sunlight. As a result, some lawmakers and safety experts want more caution, which led a group of Austin-area Democratic lawmakers to ask Tesla to wait until September, when new state rules for autonomous vehicles take effect. It is worth noting that self-driving services are expensive and risky, and companies like Tesla, Waymo (GOOGL), and Zoox (AMZN) have already faced federal investigations and recalls after accidents. What Is the Prediction for Tesla Stock? Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 12 Holds, and nine Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $286.14 per share implies 11% downside risk.
Yahoo
3 hours ago
- Yahoo
Musk Savages ‘Snake' Trump Aide as Their White House Feud Erupts
Elon Musk publicly ripped into a top White House aide who fueled his falling out with President Donald Trump. Tensions had already been building between Musk and Trump before the SpaceX chief left the White House. Things got ugly, however, after Sergio Gor, the director of the presidential personnel office, encouraged Trump to rescind his nomination for Jared Isaacman—Musk's personal friend—to lead NASA. The New York Post revealed this week that even though Gor is in charge of vetting thousands of executive branch employees, he himself hasn't been fully vetted. Five months into the second Trump administration, he hasn't even submitted the paperwork for his own permanent security clearance. 'He's a snake,' Musk wrote on his social media platform X late Wednesday in response to the Post's report. According to the Post, Gor, 38, developed a grudge against Musk, 53, after the Tesla chief—who as head of the government cost-cutting task force DOGE was a de facto member of Trump's Cabinet—'humiliated' him in front of other Cabinet members for not staffing the administration quickly enough. 'Sergio was upset about Elon dressing him down at the meeting and said he was going to 'get him,'' a source told the paper. At the time, Musk and Trump were still on friendly terms, but Gor was openly gleeful whenever Tesla stock plunged, according to the report. After Musk's special government employee status expired, forcing him to leave the White House, Gor reportedly got his revenge on Musk by convincing Trump to pull Isaacman's nomination just days before the Senate was scheduled to vote on the appointment. The administration blamed the move on Isaacman's previous donations to Democrats, but the billionaire financial technology executive said he didn't think that was the real reason, considering his donation history had long been in the public domain. After the nomination was pulled, Musk—who poured more than $250 million into the president's re-election campaign—began publicly trying to tank the president's flagship 'big beautiful' budget bill. Surprisingly little is known about Gor, including his birthplace, according to the Post. He declined to tell the paper where he was born, except to say that it wasn't Russia. It's previously been reported that he was born in Malta, but an official there couldn't confirm that information, the paper said. Together with Donald Trump Jr., Gor co-founded a publishing company that published several of Trump's books following the end of President Trump's first term, according to the New York Times. In a statement to the Daily Beast, White House press secretary Karoline Leavitt said, 'Sergio Gor is a trusted adviser to President Trump and he has played a critical role in helping President Trump staff the most talented administration in history.' Gor's office is responsible for assessing candidates for about 4,000 political appointees, including handling security clearances and conflicts of interest. Gor, however, has yet to turn in Standard Form 86, the 100-page background investigation form required for a security clearance, according to the Post. The form covers citizenship, employment history, relatives, foreign contacts and travel, financial activities, drug use, and more. Despite three sources saying otherwise, a White House official claimed Gor had completed the SF-86 form and noted that he has an interim security clearance, which is given while background checks are completed. Leavitt accused the Post of 'engaging in baseless gossip.'
Yahoo
3 hours ago
- Yahoo
Watch: SpaceX Starship explodes during test in Texas. What's next for Elon Musk's company?
SpaceX's massive Starship exploded in a spectacular fiery blaze during an engine test in Texas, raising questions about what's next for Elon Musk's spaceflight company. This time, the explosion was not a result of a launch, but a routine test to prepare the rocket for what would have been its 10th flight since 2023. The dramatic failure marked the latest setback for Elon Musk's spaceflight company, founded in 2002, as Starship continues to face challenges. The rocket has struggled to replicate earlier mission successes, with all three of its 2025 test flights ending in failure. The spacecraft, standing nearly 400 feet tall when fully stacked, did not injure or endanger anyone when it exploded in a fireball that could be seen for miles, SpaceX said. Musk, whose public rift with President Donald Trump recently cast into doubt the future of the U.S. spaceflight program, appeared to initially make light of the mishap – saying "Just a scratch" in a post on social media site X, which he also owns. More: Elon Musk hits back after Trump threatens contracts. SpaceX's government ties, explained The explosion occurred around 11 p.m. local time Wednesday, June 18, while SpaceX was preparing for Starship's upcoming flight test, known as Flight 10, from Starbase – the company town in South Texas near the U.S.-Mexico border. The Starship spacecraft was standing alone on the test stand prior to being mounted on top of the booster when it blew up. In this case, the Starship vehicle had already undergone a single-engine fire earlier in the week and SpaceX was preparing to test all six when the explosion occurred. The mishap, which SpaceX later referred to on its website as "a sudden energetic event," completely destroyed the spacecraft and ignited several fires that caused damage in the area surrounding the test stand. While SpaceX is investigating the mishap, Musk said in a post on X that preliminary data suggest a pressurized tank failed at the top of the rocket. The company attributed it to a "major anomaly,' and said all personnel were safe. SpaceX's latest Starship launch marked a failure, following two earlier explosions this year and marking the ninth test flight overall. From launch to loss of the ship, high-quality footage was sent to the live coverage via Starlink. The world watched as, once again, the massive launch system failed to go as planned. The May 27 flight was aimed at testing much more than what transpired. While the ship coasted this time for close to 40 minutes and made it to the planned area of reentry, it ended up in a spin, which caused it to break apart over the Indian Ocean. Of the eight previous flights, outcomes were evenly split between successes and failures, making Tuesday's mission, which ended in another explosion, a continued challenge in the company's quest for orbital launch reliability. Starship's first two flight tests of 2025 – on Jan. 16 and again on March 6 – ended in dramatic explosions that sent cascades of fiery debris streaking across the sky. In both mishaps, the upper stage, the vehicle where astronauts and cargo would ride, came apart mere minutes into its flight instead of landing as planned in the Indian Ocean. In the Flight 9 test mission, SpaceX made modifications to the 400-foot vehicle as the company continues to develop Starship for future expeditions to the moon and Mars. For the first time, SpaceX reused a Super Heavy booster rocket that had previously flown. The booster was first used during Starship's seventh test flight in January, which ended in failure. While some components were new, including a replaced heat shield, most of the hardware was reused, or what SpaceX calls "flight-proven," including 29 of its 33 Raptor engines. All of SpaceX's Texas operations — including the explosion during Wednesday's engine test — take place at the company's Starbase facility in Boca Chica, a beachside community near Brownsville. The site sits along the Gulf of America, about 20 miles from the U.S.-Mexico border. Although Starbase is closed to the public during launches, a nearby location has become a favorite among Texans and space enthusiasts hoping to catch a glimpse of Starship in action. Isla Blanca Park, 33174 State Park Road 100, is located on the southernmost tip of South Padre Island. With more than a mile of beaches, the park reliably attracts sizable crowds anytime Starship is due for its latest flight test. More: Where is Starbase, Texas? Elon Musk's SpaceX headquarters voted to become a city But Starship still has a long way to go in its development before it's ready to take humans to the moon or Mars. It does not appear as if the Federal Aviation Administration will conduct an investigation into the latest explosion since "the activity and anomaly were not associated with licensed activity," the agency said Friday, June 20, in an email to the USA TODAY Network. But in addition to simply being able to fly safely – in other words, without exploding – Starship also needs to be capable of refueling in orbit. The maneuver would be an especially difficult one that's never before been accomplished. SpaceX is planning to increase the number of Starship launches after receiving key regulatory approval to conduct 25 flight tests a year. Just four Starship test missions were conducted in 2024. Following the latest Starship launch in late-May, Musk had previously said the next three test flights would occur in quicker succession, with a Starship launch taking place every three to four weeks. This article originally appeared on Austin American-Statesman: SpaceX Starship explodes in latest test. See video from Texas
