Crypto asset management giant Grayscale recently announced its consideration of expanding its offerings to include products based on the popular meme cryptocurrency, Dogecoin. In a recent blog post, Grayscale emphasized that Dogecoin has caught the company’s attention as a potential asset for future investment products. As the king of meme coins, a A crypto product based on Dogecoin it could be a revolution for the entire meme coin niche.
Dogecoin Product Coming Soon?
This comprehensive portfolio includes high quality digital assets like Bitcoin, the number one cryptocurrency by market cap, alongside a variety of new and emerging tokens such as Filecoin (FIL), Bittensor (TAO), and Decentraland (MANA), to name a few.
Greyscale’s involvement in such a wide variety of cryptocurrencies makes it the most involved asset manager in the digital asset space. However, despite its various offerings, the asset manager still has to consider products based on meme cryptocurrency so far.
In accordance with blog post, Dogecoin is one of several currently considered Greyscale coins. Grayscale broke its list of cryptocurrencies under consideration into five main categories: currencies, smart contract platforms, finance, culture, and utilities.
Most of the assets reviewed fall within the categories of smart contracts and utilities, focusing on blockchain technology innovations and practical applications. However, Dogecoin stands out, as it is placed in the “consumption and culture” category, which includes cryptocurrencies that cater to consumer-driven activities.
What Does This Mean for DOGE?
Greyscale’s consideration of the Dogecoin product reflects the growing recognition of meme-based cryptocurrencies. Until recently, Grayscale was the largest crypto asset manager in terms of investments for many years. However, Grayscale was recently released by BlackRock after this Spot Bitcoin and Spot Ethereum ETFs outperformed Grayscale funds.
Nevertheless, the Dogecoin ETF will open the door to a large influx of money from traditional investors, who have been hesitant to deal with meme coins. This, in turn, could help legitimize Dogecoin and other meme coins like Shiba Inu and Floki.
On the other hand, the Dogecoin blockchain has been involved in increasing activity for the past seven days. In accordance with latest on-chain datathis increase in network participation has pushed the number of daily active addresses on the Dogecoin network to its highest point in eight months.
At the time of writing, Dogecoin is trading at $0.1188 and is up 2.4% in the last 24 hours. Specifically, Dogecoin trading volume has increased by 42% during the same period, which also shows the increase in activity on the blockchain.
The price of Dogecoin has also increased by 16% in the last 30 days and is now on the verge of crossing the order level of $0.12 on October 1. A break above this level will put Dogecoin at a minimum target of $0.129.
The featured image was created with Dall.E, a chart from Tradingview.com
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