Dogecoin Holders Mark 4/20 ‘Dogeday’ as SEC Reviews ETF Applications

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.

 

 

Source: https://finance.yahoo.com/news/dogecoin-holders-mark-4-20-011215159.html?guccounter=1

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Dogecoin holders celebrate ‘Dogeday’ 4/20 as ETF decision draws near

Dogecoin holders celebrate ‘Dogeday’ 4/20 as ETF decision draws near

Dogecoin holders worldwide celebrate “Dogeday” on April 20, as the memecoin’s community awaits upcoming deadlines for Dogecoin-related exchange-traded fund (ETF) applications.

Dogeday marks the unofficial holiday of the Dogecoin community. It gained traction in the memecoin community four years ago, in 2021, during International Weed Day on April 20.

Despite its reputation as a joke token, Dogecoin remains the eighth-largest cryptocurrency by market capitalization, currently valued at $23.3 billion, according to CoinMarketCap.

Dogecoin’s tokenomics have often been criticized for issuing 14.4 million worth of new DOGE into circulation per day, giving it a daily inflation rate of over $2.16 million.

Dogecoin’s staying power “stems from a blend of community-driven enthusiasm, low entry barriers, and speculative appeal,” according to Anndy Lian, author and intergovernmental blockchain expert.

Dogecoin’s inflationary tokenomics may also contribute to its retail appeal, Lian told Cointelegraph, adding:

“Unlike Bitcoin or Ethereum, Dogecoin’s inflationary supply — adding roughly 5 billion coins annually — keeps prices accessible, typically under $1, making it psychologically appealing for retail investors.”

“The retail appeal is amplified by Dogecoin’s meme-driven branding, which resonates with younger, internet-savvy investors,” explained Lian.

Memecoins like Dogecoin lack underlying blockchain use cases and typically rally based on social media traction and retail hype alone.

In November 2024, Dogecoin surpassed Porsche’s market capitalization, driven by continued social media endorsements by billionaire Elon Musk.

Dogecoin community awaits DOGE ETFs deadline in May

The Dogecoin community is closely watching the US Securities and Exchange Commission as it weighs several DOGE-related ETF applications.

There are four Dogecoin ETF filings awaiting approval: the Bitwise Dogecoin ETF, the Grayscale Dogecoin ETF, the 21Shares Dogecoin ETF and the Osprey Fund Dogecoin ETF.

Grayscale’s ETF application is due for a response on May 21 after the SEC delayed its decision on multiple crypto ETF filings.

Bitwise’s filing could receive a response on May 18, which marks the end of the SEC’s 75-day initial review period after the 19b-4 filing. However, the 240-day review period could enable the regulator to delay the decision until October 2024 for both filings.

The ETF applications from 21Shares and Osprey are still pending review for their initial 19b-4 filings, with no set deadline from the securities regulator.

 

Source: https://cointelegraph.com/news/dogecoin-celebrate-4-20-dogeday-doge-etf-deadline-may

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Indian crypto holders face 70% tax penalty on undisclosed gains

Indian crypto holders face 70% tax penalty on undisclosed gains

Cryptocurrency traders in India may face significant tax penalties on previously undisclosed profits under new amendments to the country’s tax laws.

Cryptocurrencies will be included under Section 158B of the Income Tax Act, which reports undisclosed income, according to Indian Finance Minister Nirmala Sitharaman’s Union Budget 2025 announcement.

The amendment allows cryptocurrency gains to be subject to block assessments if not reported, placing them under the same tax treatment as traditional assets like money, jewelry and bullion.

Crypto will fall under the definition of Virtual Digital Assets (VDAs), according to the new amendment, which states:

“Crypto asset has been defined in section 2(47A) of the Act under the existing definition of Virtual Digital Asset[…] A reporting entity, as may be prescribed under section 285BAA of the Act, will be required to furnish information of crypto asset.”

The new crypto tax proposition will be retrospectively applicable from Feb. 1, 2025.

At the end of December 2024, India’s Minister of State for Finance, Pankaj Chaudhary, said the government had found 824 crore Indian rupees ($97 million) in unpaid goods and service taxes (GST) by several crypto exchanges.

The report came a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August.

Crypto traders face up to 70% tax penalty on undisclosed crypto gains

As a sign of concern for cryptocurrency holders, Indian authorities may issue a tax penalty of up to 70% on previously undisclosed crypto profits.

This penalty may apply to crypto gains that remained undisclosed for up to 48 months after the relevant tax assessment year, according to the document, that wrote:

“70% of the aggregate of tax and interest payable on additional income disclosed in the updated income tax return [ITR].”

The amendments come two weeks after Bybit exchange suspended its services in India on Jan. 10, citing regulatory pressure as it continues to pursue a full operational license from India’s Financial Intelligence Unit.

Crypto tax laws are gaining prominence worldwide

Crypto tax laws gained increased interest worldwide in June 2024 after the US Internal Revenue Service (IRS) issued a new crypto regulation, which will make US crypto transactions subject to third-party tax reporting requirements for the first time.

Starting in 2025, centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies.

This decision could push crypto investors to decentralized platforms in a “paradoxical situation” that could make tax revenue harder to track, Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph.

Showcasing the crypto industry’s backlash, the Blockchain Association filed a lawsuit against the IRS in December 2024, arguing that the rules are unconstitutional because they include decentralized exchanges under the “broker” term, extending data collection requirements to them.

 

Source: https://cointelegraph.com/news/indian-crypto-holders-face-70-tax-penalty-undisclosed-gains

Indian crypto holders face 70% tax penalty on undisclosed gains

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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