Grayscale Launches Dogecoin Trust as Meme Coins Gain Popularity
Grayscale, a prominent digital asset manager, has launched the Grayscale Dogecoin Trust, expanding its range of crypto offerings. Originally created as a joke, Dogecoin (DOGE) has grown to become the eighth-largest cryptocurrency by market capitalization, supported by high-profile endorsements, including that of Elon Musk.This move follows Grayscale's previous successes with bitcoin and ether trusts, which were later converted to ETFs after regulatory approvals. The Dogecoin Trust, however, remains a private placement, available only to accredited investors, and charges higher management fees of 2.5%, compared to ETFs.
Meme coins like Dogecoin have surged in popularity, especially with the involvement of public figures such as U.S. President Donald Trump, who launched his own meme coin ahead of his inauguration. Despite the regulatory uncertainty surrounding meme coin investments, Dogecoin remains a dominant force in the market, currently up 3% year-to-date and more than 300% over the past year.
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