Crypto asset management giant Grayscale recently announced that it is considering expanding its services to include products based on the popular meme cryptocurrency Dogecoin. In a recent blog post, Grayscale highlighted that Dogecoin is on the company’s radar as a potential asset for future investment products. As the king of memecoins, Dogecoin-based crypto products will be a turning point for the entire memecoin niche market.
Dogecoin products coming to market soon?
This extensive portfolio includes top digital assets such as Bitcoin, the number one cryptocurrency by market capitalization, as well as a variety of other assets such as Filecoin (FIL), Bittensor (TAO), and Decentraland (MANA). Contains innovative and emerging tokens. .
Grayscale’s involvement in such a wide range of cryptocurrencies makes it the most actively involved asset manager in the digital asset space. However, despite its diverse range of services, asset managers have not previously considered products based on meme cryptocurrencies.
According to a blog post, Dogecoin is one of the few cryptocurrencies currently being considered for grayscale implementation. Grayscale divided the 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 category, which focuses on innovation and practical applications of blockchain technology. However, Dogecoin stands out because it falls under the “Consumption and Culture” category, which covers cryptocurrencies that cater to consumer-driven activities.
What does this mean for DOGE?
Grayscale’s review of the Dogecoin product demonstrates the growing awareness of meme-based cryptocurrencies. Until recently, Grayscale has been the largest crypto asset manager in terms of investments for many years. However, Grayscale recently lost ground to BlackRock as BlackRock’s Spot Bitcoin ETF and Spot Ethereum ETF outperformed Grayscale’s funds.
Nevertheless, the Dogecoin ETF will open the door to massive capital inflows from traditional investors who have been reluctant to get involved in memecoins thus far. This could help legitimize Dogecoin and other meme coins such as Shiba Inu and Floki.
Meanwhile, the Dogecoin blockchain has seen increased activity over the past seven days. This surge in network participants has pushed the number of daily active addresses on the Dogecoin network to an eight-month high, according to recent on-chain data.
At the time of writing, Dogecoin is trading at $0.1188, up 2.4% in the past 24 hours. Notably, Dogecoin’s transaction volume has increased by 42% over the same period, which also indicates a surge in activity on the blockchain.
Dogecoin price has also increased by 16% in the past 30 days and is on the verge of breaking through the $0.12 order block on October 1st. Above this level, Dogecoin will move closer to the minimum target of $0.129.
DOGE price above $0.12 |Source: DOGEUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
