Grayscale Launches Dogecoin Trust, Signaling Shift in Perception of Meme Coin

Grayscale Investments, a leading digital asset manager, has launched the Grayscale Dogecoin Trust, a new investment vehicle that provides exposure to the popular meme coin, Dogecoin (DOGE). This move signals a significant shift in the perception of Dogecoin, which was once dismissed as an internet joke, to a serious financial instrument with the potential to promote global financial accessibility.

Rayhaneh Sharif-Askary, Grayscale's head of product and research, emphasized that Dogecoin is no longer just an internet joke. She cited its low fees and fast transaction speeds, which make it an ideal tool for international remittances, especially in underbanked regions. This sentiment is echoed by Grayscale's belief that Dogecoin represents a paradigm shift in global financial accessibility.

The launch of the Grayscale Dogecoin Trust comes amidst a surge in institutional interest and demand for Dogecoin investment products. Since Donald Trump's surprise return to the White House, crypto markets, including Dogecoin, have seen explosive growth. The former president's pro-crypto moves, including the naming of a group the Department of Government Efficiency (D.O.G.E.), have sparked what many see as a crypto-friendly era. Following this shift, fund managers rushed to file DOGE ETF applications, something deemed impossible during Gary Gensler's stricter tenure at the U.S. Securities and Exchange Commission.

Grayscale's trust may further legitimize Dogecoin among institutional investors. With a market cap nearing $50 billion, the token has tripled in value over the past year, fueled by crypto optimism after Trump's November win. The newly launched DOGE trust is available only for accredited investors, with Grayscale allocating 30 Dogecoins (DOGE) in its portfolio to provide backing for every share obtained.

The asset debuts at $9.99 per share, and the community remains optimistic about the opportunity of exchange-traded funds (ETFs) on Spot Dogecoin (DOGE) being approved in 2025. The odds of a DOGE ETF being greenlit in 2025 are rocketing on Polymarket, Polygon's most trending prediction markets website. Additionally, the community is expecting the releases of XRP, Solana, Cardano, and Litecoin ETFs in the coming months.