Dogecoin price surged by 3% following rumors of a potential listing on the Grayscale crypto Smart contract platform, listing 34 other coins as well.
On Tuesday, Dogecoin experienced a 3% increase in value due to rumors regarding a potential listing on Grayscale’s platform. Grayscale, one of the world’s largest asset managers, has recently expanded its inventory of assets being considered for future investment products to include 35 altcoins. Dogecoin is one of the recently considered tokens, in addition to Worldcoin and Rune.
The assets under consideration were categorized into five groups in the announcement: currencies, Smart contract platforms, financials, culture, and utilities. Although the list suggests that DOGE and other altcoins may be included, it is crucial to acknowledge that such tokens are not guaranteed to be included.
Despite this, the market has been energized by Grayscale’s potential endorsement. If officially listed, the firm’s backing can drive market sentiment, resulting in rallies in assets such as Dogecoin, a major player in institutional crypto investment.
DOGE Market Optimism Increases
Market observers have shifted their focus to Dogecoin’s potential to reach $3, a figure that meme coin enthusiasts have long aspired to, following Grayscale’s announcement, which has sparked speculation.
DOGE is trading at approximately $0.1158, representing a 3% increase in the past 24 hours. Furthermore, trading volume increased by 35% on Tuesday, reaching a total of $1.03 billion. Furthermore, CoinGlass data indicates that the open interest in DOGE futures increased by 5% to $601.91 million.
The Taiwan Financial Supervisory Commission (FSC) is promoting the trial of crypto custody solutions, enabling financial institutions to store crypto assets such as Dogecoin for their clients. This price surge is consistent with the FSC’s plans.
Will Dogecoin Experience a Resurgence?
Despite the recent gains, DOGE is still far from its all-time high of $0.7376, which was achieved in May 2021. The token has declined by 84% from its all-time high (ATH) of $0.7376, achieved in May 2021. Investors are anticipating the resurgence of meme coins, including DOGE and other dog-themed tokens such as Shiba Inu, and they are anticipating significant progress akin to that observed during the previous bull run.
The total market capitalization of meme coins has increased fourfold over the past year, reaching $54.5 billion, per CoinMarketCap data. Despite this growth, the current market capitalization is still less than the peak of $90 billion in 2021.
Dogecoin’s market capitalization is currently $16.95 billion, making it the largest meme coin. DOGE’s future trajectory will be closely monitored, mainly if Grayscale formally incorporates it into its product suite, as it is the 8th largest cryptocurrency by market cap. The near-term feasibility of the $3 target is uncertain; however, the momentum surrounding DOGE is undeniable.
