Quickly understand the history and background of various well-known coins

Grayscale Launches Dogecoin Trust, Boosting Meme Coin's Mainstream Aspirations

Coin WorldFriday, Jan 31, 2025 3:51 pm ET

1min read

Crypto investment giant Grayscale has announced the launch of a new trust focused on Dogecoin (DOGE), marking a significant step in the meme coin's journey towards mainstream acceptance. The Grayscale Dogecoin Trust, as it is called, aims to provide investors with exposure to the popular cryptocurrency, which has evolved from a simple meme coin into a legitimate global financial tool.

Rayhaneh Sharif-Askary, Grayscale's head of products and research, believes that Dogecoin has matured into a powerful tool for promoting financial accessibility. She stated, "Dogecoin has evolved into a potentially powerful tool for promoting financial accessibility. 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 offers investors exposure to an asset that is positioned to help fulfill Bitcoin's originally intended use case and its egalitarian ethos."

The Dogecoin Trust will operate similarly to other Grayscale trusts, solely investing in DOGE, the native asset of the blockchain. This move comes on the heels of Grayscale's December 2022 announcement of 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), and contract platform Sui Network (SUI).

At the time of writing, DOGE is trading for $0.338, a fractional increase during the last day. The launch of the Grayscale Dogecoin Trust is expected to further boost the coin's credibility and attract more institutional investors, potentially leading to a surge in its price and market capitalization.

Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.