Dogecoin surged 8% in a single day
As Bitcoin ($BTC) experienced a rebound, the king of meme coins, Dogecoin ($DOGE), also benefited from it, with its growth even exceeding that of Bitcoin.
According to Coingecko, at the time of writing, Dogecoin ($DOGE) is trading at $0.1356, having risen by as much as over 8% in the past 24 hours and 15.3% in the past seven days, outperforming Bitcoin ($BTC)’s 11% weekly gain.
DOGE Dogecoin is really strong these two days. Is MeMe Zoo going to take off again? The daily line has broken through the next position of 0.143!
One tweet stirred up tens of millions of market value, and Musk repeatedly "called" D.O.G.E.
According to the news, Musk called for the Department of Government Efficiency (D.O.G.E). The market also expects that Trump is more likely to win the election. If Trump is elected and establishes a Department of Government Efficiency, Musk is likely to become the minister of this department, and then it will be justified to call for DOGE.
In terms of funds, DOGE had an inflow of nearly 800,000 U in one minute on the 14th, and the inflow trend has continued to this day. As the largest MEME coin, it also has a demand for a rebound in the current hot MEME market.
Grayscale plans to offer Dogecoin investment products
Grayscale already has a diversified portfolio that includes leading cryptocurrencies such as Bitcoin (BTC), the flagship cryptocurrency, and Ethereum. It also offers investment products in other innovative digital assets such as XRP Filecoin (FIL), Bittensor (TAO), and Decentraland (MANA).
While Grayscale offers a wide range of products across various sectors of the cryptocurrency market, it has not yet ventured into memecoin investing. The possibility of a Dogecoin product could mark a significant expansion of its reach into new areas.
According to a recent blog post, DOGE is one of several digital assets that Grayscale is evaluating. Many of the cryptocurrencies under review fall into the smart contract and utility categories.
However, Dogecoin is unique in that it is classified in the “Consumption and Culture” category. For context, this classification covers cryptocurrencies that are primarily driven by consumer interest and community engagement, a key feature of meme coins. The potential inclusion of Dogecoin in Grayscale’s portfolio highlights the growing recognition of meme tokens in the mainstream financial sector.
Additionally, the inclusion of Dogecoin could set a new precedent in the cryptocurrency ETF space.
