Dogecoin experienced a 3% price increase as Grayscale hinted at potential listing of the meme coin.
Dogecoin has seen a 3% uptick in its value on Tuesday, fueled by speculation surrounding a potential listing on Grayscale’s platform. Grayscale, one of the world’s largest asset managers, recently added 35 altcoins to its list of assets under consideration for future investment products. Among the newly considered tokens is Dogecoin DOGE $0.21 24h volatility: 0.7% Market cap: $31.79 B Vol. 24h: $2.28 B , alongside others like Worldcoin WLD $0.87 24h volatility: 0.6% Market cap: $1.74 B Vol. 24h: $137.18 M and Rune RUNE $1.17 24h volatility: 0.2% Market cap: $412.95 M Vol. 24h: $88.75 M .
The announcement categorized the assets under consideration into five groups: currencies, smart contract platforms, financials, culture, and utilities. While the list raises hopes for DOGE and other altcoins, it’s important to note that these tokens are not guaranteed to be listed.
Still, Grayscale’s potential endorsement has ignited excitement in the market. As a major player in institutional crypto investment, the firm’s backing can propel market sentiment, driving rallies in assets like Dogecoin if officially listed.
DOGE Market Optimism Grows
With Grayscale’s announcement sparking speculation, market observers have turned their attention to Dogecoin’s potential to reach $3, a figure meme coin lovers have long been looking up to.
At the time of writing, DOGE is trading around $0.1158, up by 3% in the past 24 hours. Additionally, trading volume surged by 35%, totaling $1.03 billion on Tuesday. Moreover, CoinGlass data reveals that DOGE Futures Open Interest increased by 5% to $601.91 million.
This price surge coincides with the Taiwan Financial Supervisory Commission’s (FSC) plans to promote the trial of crypto custody solutions, allowing financial institutions to store crypto assets such as Dogecoin for their clients.
Will Dogecoin Stage a Comeback?
Despite the recent gains, DOGE is still far from its all-time high of $0.7376, which was achieved in May 2021. The token remains down by 84% from its all-time high (ATH) of $0.7376, achieved in May, 2021. Investors are eagerly waiting for another meme coin rally, hoping DOGE and other dog-themed tokens like Shiba Inu SHIB $0.000012 24h volatility: 1.2% Market cap: $7.25 B Vol. 24h: $239.80 M will make major strides similar to those seen during the last bull run.
According to CoinMarketCap data, the total market capitalization of meme coins has reached $54.5 billion, marking a fourfold increase over the past year. Despite this growth, the current market cap remains below the 2021 peak of $90 billion.
Dogecoin remains the largest meme coin by market capitalization, currently standing at $16.95 billion. As the 8th largest cryptocurrency by market cap, DOGE’s future trajectory will be closely watched, especially if Grayscale decides to formally add it to its product suite. Whether the $3 target is realistic in the near term remains to be seen, but the momentum surrounding DOGE is undeniable.
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