- Dogecoin’s favorable price momentum and Grayscale’s potential listing of Dogecoin have sparked market optimism, with analysts speculating the digital asset could hit the $3 mark.
- DeLorean Motors has teased the possibility of accepting Shiba Inu as a payment option for its upcoming electric vehicles posing a great challenge to the memecoin.
Dogecoin has once again captured the interest of investors and taken center stage. This happened after the digital asset surged by nearly 4% in 24 hours. In addition to the favorable price increase, there are rumors of a potential listing by Grayscale, which currently holds Bitcoin worth $13.87 billion. Along with Dogecoin, Grayscale has hinted at listing other top tokens like Toncoin and Worldcoin. This speculation has sparked optimism within the market
At the time of writing, DOGE is swapping wallets with $0.1131 representing a 0.22% and 4.95% surge in the past 24 hours and past week respectively. Additionally, Its market cap and 24-hour trading volume have seen a 0.1% and 37.29% respectively.
Additionally, according to data from Coinglass, the futures market has shown increased activity, with DOGE futures open interest rising over 5% to $601.91 million. This rise in open interest further pinpoints the market’s growing interest in Dogecoin’s potential for upward movement.
Not forgetting the overall market confidence that this new asset class has gotten, Grayscale recent action has played a big role in the token’s price rally specifically their addition of Dogecoin, Worldcoin, Toncoin, and 32 other cryptocurrencies to their “Assets Under Consideration” list. While these tokens have not yet been officially listed, the market has responded positively to the potential of a Grayscale listing.
Grayscale is best known for capitalizing on its strengths in offering investment products circumventing cryptocurrencies such as Bitcoin, Ethereum, and the recent addition of XRP. Historical events have evidenced that when Grayscale adds a new token product, more times than not, it boosts market sentiment.
As we earlier reported, just after Grayscale launched an XRP Trust, a significant XRP rally followed. Similarly, market participants are now eyeing a potential surge for Dogecoin should Grayscale officially list it as an investment product.
Dogecoin Price Rally to $3
The speculation surrounding a possible Grayscale listing has opened doors to fueled optimism that the memecoin king could aim for a price increase. In the same vein, analysts are predicting that Dogecoin could reach the $3 mark.
Recent market analyses have given breath to these predictions with Dogecoin’s current market price showing positive market momentum.
If the token maintains this positive momentum combined with several factors, it could align to push the meme coin past the $2 threshold. Historical trends, coupled with broader market conditions, hint that under the right circumstances, such a rally could be feasible.
Meanwhile, as earlier reported, Dogecoin is on the verge of facing stiff competition from its rival Shiba Inu. As earlier reported, DeLorean Motors has teased the possibility of accepting Shiba Inu as a payment option for its upcoming electric vehicles.
