Dogecoin Surges amid Grayscale Listing Announcement, Here’s DOGE Price Target

Dogecoin’s value rose by 3% on Tuesday amid rumors of a potential listing on Grayscale’s platform.

Grayscale added 35 altcoins, including Dogecoin, Worldcoin, and Rune, to its list of assets under consideration for future investment products.

Dogecoin remains the top meme coin by market cap, currently valued at $16.95 billion.

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 , alongside others like Worldcoin and Rune .

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) 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 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 $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.