Grayscale Investments has introduced an investment trust focused on Dogecoin (DOGE), providing institutional and accredited investors with a new tool for gaining exposure to the popular asset.
New Investment Product
Grayscale, known for its cryptocurrency investment products, announced the launch of the Grayscale Dogecoin Trust — the first single-asset trust dedicated to DOGE. According to the company, the trust is already available for daily subscription by qualified investors, including institutional market participants.
Rayhaneh Sharif-Askary, Head of Products and Research at Grayscale, stated that Dogecoin has evolved in recent years from a meme cryptocurrency into a serious instrument capable of promoting financial inclusion. The company believes that due to its low fees and high transaction speed, DOGE can function as both a payment method and a financial instrument accessible to users worldwide.
Expansion of the Dogecoin Ecosystem
Grayscale also noted that the Dogecoin ecosystem continues to grow, with various services and companies focused on developing the DOGE blockchain. Central to these initiatives is the Dogecoin Foundation, which is developing open-source tools for integrating Dogecoin into everyday payments and financial transactions.
Experts see promising applications for Dogecoin in the remittance sector. According to foundation representatives, Dogecoin has the potential to reduce reliance on intermediaries and make money transfers more accessible. In particular, projects like GigaWallet and Doge Connect are being developed to simplify the use of the cryptocurrency in retail payments.
Dogecoin and the Impact of Politics
Dogecoin has also attracted attention following the appearance of its logo on the website of the new U.S. agency, the Department of Government Efficiency (D.O.G.E.). Shortly after the agency’s launch, users noticed that its webpage featured the Dogecoin emblem. Previously, an ASCII image of the cryptocurrency’s logo was found hidden in the HTML source code.
The market reacted quickly: DOGE’s price increased by 10% within a minute, rising from $0.35 to $0.38, and its market capitalization reached $56.5 billion. However, since then, the market cap has dropped to $34.45 billion, a decline of 16.24%. More details on the reasons for this drop have been reported elsewhere.
It is worth noting that Elon Musk has been appointed as the head of the new agency. Known for his repeated support of Dogecoin, Musk’s involvement has previously influenced the cryptocurrency’s price and may do so again.
According to a recent Cointelegraph report, Dogecoin has emerged as one of the fastest-growing cryptocurrencies of 2024. Over the past 12 months, DOGE’s price increased by more than 350%, reaching a peak of $0.466. Moreover, technical indicators suggest further potential for growth, with some analysts forecasting that Dogecoin’s price could reach $3 in the coming years.
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