Grayscale Launches Dogecoin Trust, Betting on Meme Coin's Financial Potential

Crypto Investment Giant Grayscale Announces Launch of New Dogecoin (DOGE) Trust

Grayscale, a leading crypto asset management firm, has announced the launch of a new trust that will give investors access to the popular meme asset Dogecoin (DOGE). The investment giant believes that DOGE has matured from a simple memecoin into a legitimate global financial tool.

Rayhaneh Sharif-Askary, Grayscale’s head of products and research, stated, “Dogecoin has matured into a potentially powerful tool for promoting financial accessibility. We believe, as a faster, cheaper, and more scalable derivative of Bitcoin, Dogecoin is helping groups underserved by legacy financial infrastructure to participate in the financial system.”

The Grayscale Dogecoin Trust will operate like any other one of the firm’s trusts and solely invest in DOGE, the native asset of the blockchain. Last December, Grayscale launched two new trusts centered around liquid staking service Lido DAO (LDO) and layer-2 scaling solution Optimism (OP). Other crypto-based trusts offered by Grayscale include ones for payments altcoin XRP, layer-1 blockchain Avalanche (AVAX), stablecoin issuer Maker (MKR), machine learning marketplace Bittensor (TAO) as well as contract platform Sui Network (SUI).

DOGE is trading for $0.338 at time of writing, a fractional increase during the last day.