Exciting Dogecoin Announcement from Grayscale, the World's Largest Digital Asset Manager, Came! (DOGE)

Grayscale Investments, a cryptocurrency asset manager, has launched the Dogecoin Trust, which provides individual and institutional accredited investors with exposure to DOGE through a share-based format.

Grayscale argues that DOGE has evolved from a simple meme coin featuring a Shiba Inu dog to a legitimate financial instrument. The company stated, "Grayscale believes that DOGE has transitioned from a meme coin to a global financial participation, grassroots activism, and viable payment instrument." The company highlighted DOGE's accessibility, purchasability, and fast transaction speeds as contributing factors to its global adoption.

Initially founded as a joke in 2013, DOGE operates on the Dogecoin network, which is a derivative of Bitcoin and forked from Litecoin.

Grayscale's move comes after the establishment of the Government Efficiency Department in the administration of US President Donald Trump, which has led to the increase in DOGE's momentum. It is reported that the White House unit, led by Tesla CEO and long-time DOGE supporter Elon Musk, is researching blockchain-based federal systems. Potential applications include monitoring government spending, managing infrastructure, and facilitating payments; however, discussions are still in the early stages.

The launch of the Dogecoin Trust coincides with a period of increased interest in a potential DOGE exchange-traded fund (ETF). Earlier this week, crypto asset manager Bitwise filed an S-1 registration with the U.S. Securities and Exchange Commission for a spot Dogecoin ETF. Osprey Funds and Rex Shares also made similar offerings.

Can Dogecoin ETF be realized in 2024? ETF Store President Nate Geraci said, “I think everything is on the table under the new management.” Bloomberg's senior ETF analyst Eric Balchunas reiterated this idea by saying, “Today's joke is tomorrow's ETF.”