Crypto asset management giant Grayscale has recently announced its consideration of expanding its offerings to incorporate products based on the favored meme cryptocurrency, Dogecoin. In a recent blog post, Grayscale highlighted that Dogecoin has caught the corporate’s attention as a possible asset for future investment products. Because the king of meme coins, a Dogecoin-based crypto product can be a turning point for your entire meme coin area of interest.
Dogecoin Product To Hit The Market Soon?
This extensive portfolio includes top-tier digital assets similar to Bitcoin, the primary cryptocurrency by market cap, alongside quite a lot of progressive and emerging tokens like Filecoin (FIL), Bittensor (TAO), and Decentraland (MANA), to call just a few.
Grayscale’s involvement in such a large spectrum of cryptocurrencies makes it essentially the most actively engaged asset manager throughout the digital asset space. Nonetheless, despite its diverse offerings, the asset manager has yet to contemplate products based on a meme cryptocurrency until now.
In response to the blog post, Dogecoin is one of just a few cryptocurrencies currently into consideration for Grayscale. Grayscale broke down its list of cryptocurrencies into consideration into five primary categories: currencies, smart contract platforms, financials, culture, and utilities.
A lot of the assets under review fall throughout the categories of smart contracts and utilities, which give attention to blockchain technology innovations and practical applications. Nonetheless, Dogecoin stands out, because it has been placed within the “consumption and culture” category, which covers cryptocurrencies that cater to consumer-driven activities.
What Does This Mean For DOGE?
Grayscale’s consideration of a Dogecoin product shows the increasing recognition of meme-based cryptocurrencies. Until recently, Grayscale was the most important crypto asset manager by way of investments for a few years. Nonetheless, Grayscale was recently unseated by BlackRock after the latter’s Spot Bitcoin and Spot Ethereum ETFs exceeded Grayscale’s funds.
Nevertheless, a Dogecoin ETF would open the door for huge capital inflows from traditional investors, who’ve previously been reluctant to have interaction with meme coins. This, in turn, could help legitimize Dogecoin and other meme coins like Shiba Inu and Floki.
However, the Dogecoin blockchain has been infused with growing activity up to now seven days. In response to recent on-chain data, this surge in network participation has pushed the variety of each day lively addresses on the Dogecoin network to its highest point in eight months.
On the time of writing, Dogecoin is trading at $0.1188 and has increased by 2.4% up to now 24 hours. Notably, the Dogecoin trading volume has increased by 42% in the identical time-frame, which also points to a surge in activity on the blockchain.
The Dogecoin price has also increased by 16% up to now 30 days and is now on the verge of breaking through an order block of $0.12 on October 1. A break above this level would put Dogecoin towards a minimum goal of $0.129.
Featured image created with Dall.E, chart from Tradingview.com