Despite the fact that Dogecoin (DOGE) wasn't created with much of a purpose other than to mock the proliferation of cryptocurrencies, it has attracted the attention of significant people.
Barry Silbert, the founder and CEO of Digital Currency Group, has disclosed that he has contemplated purchasing the meme king.
Barry Silbert Makes a Suggestion About Getting On The Dogecoin Bandwagon
In a Monday tweet, Silbert said he couldn't believe the concept of buying DOGE even occurred to him. This statement was made shortly after Elon Musk, Dogecoin's largest supporter, purchased Twitter for $44 billion. Twitter will become a privately held firm once the purchase is completed.
Since rumours of a possible partnership broke yesterday, Dogecoin, which is prone to reacting to Musk's accomplishments and DOGE-related endorsements, has shot upward. Musk has previously suggested that Dogecoin may be used to pay for Twitter Blue subscriptions. Furthermore, Twitter currently allows bitcoin and ethereum tipping, and others believe it's just a matter of time before the social media network adds Dogecoin functionality under Musk's supervision.
This isn't the first time Silbert has mentioned Dogecoin on Twitter. For example, Elon Musk disclosed he had shorted DOGE using Dogebear, a 3x leveraged ERC-20 short token that was trading on the FTX crypto market, soon before his debut SNL performance on NBC in May 2021. He then recommended Dogecoin holders to change their shares to bitcoin, promising to contribute any profits to "financial education and bitcoin-related causes" if they did so.
As a result, his most recent tweet shows that he is warming up to the satirical cryptocurrency.
For Institutional Investors, a New Grayscale Dogecoin Trust Coming?
Dogecoin has been declared to have the potential to become the internet's and people's future currency. However, it will need to make a few adjustments in order for this to happen.
Notably, Elon Musk and Dogecoin core developers have been collaborating to help the cryptocurrency "win hands down." The planned DOGE enhancements might conceivably assist the meme cryptocurrency in becoming the go-to transactional money, allowing it to shed its meme moniker. This is why advocates of Dogecoin are constantly encouraging more businesses and organizations to embrace the token.
If Grayscale Investments, the world's largest digital asset management firm, develops a Dogecoin Trust that provides institutional and high-net-worth individuals with indirect exposure to DOGE, the cryptocurrency's use cases will be expanded even further. Grayscale, on the other hand, has made no preparations for DOGE at this time.
With a market capitalization of slightly over $19.9 billion, Dogecoin is now the tenth-largest cryptocurrency. On a 24-hour adjusted timeframe, it's trading at $0.15, up 16.03 percent.