Dogecoin is making headlines again. reason? The Securities and Exchange Commission has officially approved applications for Grayscale from Grayscale Dogecoin Trust, the Grayscoin Exchange-Traded Fund (ETF). This marks the beginning of the SEC review process and could lead Dogecoin ETFs to the stock exchange.
For cryptography enthusiasts, this is an important milestone. The biggest cryptocurrency managers supporting the most popular memocoin highlight how far Dogcoin has come, from jokes to potential mainstream investment vehicles.
“It’s amazing and a lasting testimony to the power of the crypto community,” said Noelle Acheson, Crypto Analyst and author of “Crypto Is Macro Now.”
In an email to Quartz, she said Doge’s success is a reminder that public networks belong to the market and ultimately determine success rather than individual teams or entities.
On Wednesday, Dogecoin hovered at $0.25 per coin, showing a 2% increase in the last 24 hours.
Created as a joke by software engineers Billy Marx and Jackson Palmer in 2013, Dogecoin features a portrait of Shiba Inu Dog, popularized in Doge Meme. However, since then, Dogecoin has transformed into one of the most valuable cryptocurrencies in the world.
Doge’s success was encouraged by the Reddit community’s “Wallstreetbets” and supported by Elon Musk’s tweet, and largely to Gamestop Saga in January 2021 when Skyrocketed Gamestop (GME) supported the stock to $86.88. You can track it.
On Reddit, investors later discussed what Cryptocurrency was GameStop equivalent. The answer was Dogecoin. Just as GameStop peaked, Dogecoin began gaining traction, peaking at $0.74 per coin in May 2021.
After GameStop Saga, Dogecoin surged in another event. Elon Musk tweeted “Doge” in February 2021. The price of Dogecoin rose dramatically, and crypto enthusiasts suddenly became interested in Dogecoin.
Later that year, Musk hosted NBC (CMCSA) as “Saturday Night Live” and called himself the Doge Father. He continued to promote dogcoins on various platforms, and market capitalization led to it being included in the top 10 cryptocurrencies.
Musk once said Doge was his favorite cryptocurrency. Because it has the best humor and has a dog.
Furthermore, when President Donald Trump was re-elected, he announced that Musk would lead “government efficiency,” or Doge, a non-governmental group that consults about spending. This further solidified the relationship between Mask and Dogecoin.
The story continues