Grayscale Launches Dogecoin Investment Fund to Expand Financial Inclusion
- Grayscale includes Dogecoin in Investment Fund.
- Dogecoin establishes itself as a financial asset.
- Memecoin ETFs gain ground.
Grayscale, a recognized leader in cryptocurrency management, announced the launch of the “Grayscale Dogecoin Trust”. This new investment fund was created with the aim of offering investors an opportunity to gain exposure to Dogecoin (DOGE), the most prominent meme coin, which boasts a market capitalization of close to US$50 billion.
Rayhaneh Sharif-Askary, the company's head of product and research, highlighted the advantages of Dogecoin, such as reduced costs and high transaction speed, highlighting its potential to foster financial inclusion, especially in regions lacking conventional banking services.
“Dogecoin has matured into a potentially powerful tool for promoting financial accessibility. We believe that as a faster, cheaper, and more scalable derivative of Bitcoin, Dogecoin is helping groups underserved by legacy financial infrastructure participate in the financial system,” said Grayscale’s head of product and research, Rayhaneh Sharif-Askary. “The Grayscale Dogecoin Trust provides investors with exposure to an asset that is positioned to help fulfill Bitcoin’s originally intended use case and egalitarian ethos.”
This launch is the result of a careful evaluation process by Grayscale, which added Dogecoin and 34 other altcoins to its list of assets under review in October of last year. The inclusion signals the viability of a Dogecoin-centric investment product.
Fueled by significant events like President Trump’s re-election and initiatives led by Elon Musk, Dogecoin’s price has tripled in the past year. Musk, CEO of Tesla and a Dogecoin enthusiast, also heads the Office of Government Efficiency, a move that has boosted Dogecoin’s visibility and usage.
The growing interest in the sector is also evidenced by recent filings for ETFs focused on memecoins, as demonstrated by filings from Bitwise Asset Management and other institutions, which are seeking to create ETFs that include Dogecoin among other assets.
At the time of publication, the price of DOGE was quoted at US$0,3403 with an increase of 1% in the last 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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