Crypto asset management giant Grayscale recently announced it is considering expanding its offerings to include products based on the popular meme cryptocurrency, Dogecoin. In a recent blog post, Grayscale highlighted that Dogecoin has attracted the company’s attention as a potential asset for future investment products.As the king of meme coins, a Dogecoin based crypto product will be a turning point for the entire meme coin niche.
Dogecoin Products Will Launch on the Market Soon?
This extensive portfolio includes top digital assets like Bitcoin, the number one cryptocurrency by market capitalization, along with various innovative and new tokens such as Filecoin (FIL), Bittensor (TAO), and Decentraland (MANA), and many more.
Grayscale’s involvement in such a broad spectrum of cryptocurrencies makes it the most actively involved asset manager in the digital asset space. However, despite its diverse offerings, the asset manager has not considered a product based on meme cryptocurrencies to date.
According to the blog post, Dogecoin is one of them of several cryptocurrencies currently under consideration for Grayscale. Grayscale divides its list of cryptocurrencies under consideration into five main categories: currencies, smart contract platforms, finance, culture, and utilities.
Most of the assets reviewed fall into the smart contracts and utilities categories, which focus on blockchain technology innovation and practical applications. However, Dogecoin stands out because it is placed in the “consumption and culture” category, which includes cryptocurrencies that cater to consumer-driven activities.
What Does This Mean For DOGE?
Grayscale’s consideration of its Dogecoin product shows growing recognition of the meme-based cryptocurrency. To date, Grayscale is the largest crypto asset manager in terms of investment for many years. However, Grayscale was recently ousted by BlackRock after the last one The Spot Bitcoin and Spot Ethereum ETFs outperformed the Grayscale funds.
Nevertheless, the Dogecoin ETF will open the door to a large influx of capital from traditional investors, who were previously reluctant to get involved with the meme coin. This, in turn, could help legitimize Dogecoin and other meme coins such as Shiba Inu and Floki.
On the other hand, the Dogecoin blockchain has seen increased activity in the last seven days. According to Latest on-chain dataThis surge 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 has increased by 2.4% in the last 24 hours. Specifically, Dogecoin trading volume increases by 42% in the same time frame, which also shows a surge in activity on the blockchain.
Dogecoin price has also increased by 16% in the last 30 days and is now close to breaking the $0.12 order block on October 1st. A break above this level would put Dogecoin towards the minimum target of $0.129.
Featured image created with Dall.E, a chart from Tradingview.com
