Grayscale Unveils New Dogecoin Trust

Grayscale has recently launched a new trust that allows exposure to Dogecoin (DOGE), the asset manager announced on Friday.

"Dogecoin signifies a revolutionary shift in global financial accessibility," stated Rayhaneh Sharif-Askary, Grayscale's Head of Product and Research, in an interview with CoinDesk. "Its nominal transaction costs and swift transfer speeds make it an ideal medium for international remittances, especially in regions lacking developed banking infrastructure."

The Dogecoin Trust launch occurred mere weeks after President Trump—presumably with assistance from Elon Musk—introduced one of his newly formed groups, the Department of Government Efficiency (D.O.G.E.), during his inauguration with the pledge to promote the crypto sector.

Subsequent to Trump's electoral victory, several asset management firms have submitted applications for memecoin exchange-traded funds (ETFs), including DOGE, which would have been inconceivable under the prior administration and its SEC head, Gary Gensler.

With a market capitalization approaching $50 billion, DOGE reigns as the world's largest memecoin. Encapsulating the token within an ETF or, as in Grayscale's case, a trust, could entice institutional capital. The token's value has already tripled over the past year, with a substantial surge occurring just after the November election.