The DOGE community celebrates "Dog Day", but hopes for the approval of the DOGE ETF are slim.

According to Mars Finance, on April 20th, DOGE celebrated “4/20 DOGE Day”, but the outlook before the May ETF application deadline is bleak.

April 20 (4/20) is referred to as “Doge Day” by the DOGE community, stemming from the meme culture surrounding the number “420”. Despite this year’s Bitcoin halving event dominating the spotlight in the cryptocurrency market, DOGE holders have initiated the #DogeDay hashtag on social media to celebrate, driving the price up. As of the time of writing, DOGE has risen by 12% intra-day, currently at $0.169.

The U.S. Securities and Exchange Commission (SEC) is set to make a decision in May on the first batch of DOGE ETF applications, but the industry widely believes that the chances of approval are close to zero. Bloomberg ETF analyst James Seyffart pointed out that the SEC has not had any substantive communication with any DOGE ETF applicants, which is usually a sign of rejection. The pending applications include proposals submitted by institutions such as VanEck, Ark Invest, and 21Shares.

Despite the dim hopes for the ETF, the price of DOGE is still driven by the sentiment of “DOGE Day.” Previously, on “DOGE Day” in 2021, DOGE saw a single-day surge of over 100%, but this year’s increase has been relatively moderate. Analysts warn that as a meme coin, DOGE lacks practical use cases, and its price volatility is highly dependent on community enthusiasm, so investors should be wary of risks.

DOGE was born in 2013, initially as a joke cryptocurrency, but later became a phenomenon 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 has a cautious attitude towards meme coin products.