Dogecoin, the popular meme-inspired cryptocurrency, recently gained nearly 4% in value, as speculation grew about a possible listing on Grayscale Investments’ platform. The latest surge has raised questions about whether Dogecoin can reach its anticipated $3 price point — a milestone that would significantly alter the coin’s current valuation.
Grayscale Adds Dogecoin to List of Assets Under Review
Grayscale recently updated its “Assets Under Review” list to include Dogecoin alongside other notable tokens such as Worldcoin (WLD) and Toncoin (TON). This development has sparked optimism among investors, who see Grayscale’s interest as a potential endorsement of Dogecoin’s credibility among institutional investors.
The assets under consideration by Grayscale fall into five categories—currencies, smart contract platforms, finance, culture, and utilities. While these assets are not yet listed in Grayscale’s product portfolio, the prospect of their inclusion has already begun to influence market sentiment.
Previous listings on similar platforms have often driven asset prices up, as seen when the XRP Trust was launched by Grayscale in September, boosting investor confidence and causing a temporary price surge for XRP.
Dogecoin Market Recovery and Growing Optimism
Dogecoin's recent price surge was accompanied by a surge in trading volume, which increased 35% to $1.02 billion. Additionally, Dogecoin Futures Open Interest—a metric that shows the value of open futures contracts—rose more than 5% to around $601.91 million, highlighting growing investor interest.
The enthusiasm surrounding the potential listing of Dogecoin comes as the cryptocurrency market as a whole remains bullish, especially with the rise of stablecoins and other alternative assets. Market sentiment is further bolstered by Dogecoin’s role in global commerce and its use in regions with economic sanctions, such as Venezuela and Russia, where USDT—a leading stablecoin—has also gained traction as a medium of exchange.
Can Dogecoin Reach $3?
The possibility of hitting a $3 price target has attracted considerable attention, although it remains speculative. While Dogecoin is currently trading at around $0.12, some market analysts believe a bull run is possible, especially if Grayscale officially adds DOGE to its index.
Dogecoin is still significantly below its all-time high of $0.73 reached in May 2021. However, with the growing public interest in digital assets, meme coin enthusiasts are hoping that Dogecoin's value will rebound.
The Future of Meme Coin in the Cryptocurrency Market
As the largest meme coin by market capitalization, Dogecoin holds a significant position in the $54.5 billion meme coin market, which has quadrupled in the past year. Despite this growth, the meme coin's market capitalization remains below its 2021 peak of $90 billion.
While Dogecoin's journey to $3 remains uncertain, the coin's growing use as an alternative payment method in global commerce and the possibility of a listing on Grayscale could solidify its appeal as an investment and a viable digital asset.
