Dogecoin, a meme crypto created to make fun of wild speculation in the crypto space, has been entering serious conversations of late. Barry Silbert, the founder of Digital Coin Group (DCG), teased that he considered buying DOGE recently.
Could Silbert be the latest Dogecoin convert?
The Grayscale parent company founder said in a tweet that he could not believe the thought crossed his mind.
Can’t believe buying DOGE actually crossed my mind today, he mused.
The significance of the statement remains unclear at the moment, however. While he has not been too outspoken about Dogecoin, this is not the first time Silbert is teasing about the Bitcoin knock-off token.
Last month, he shared a cryptic tweet that compared popular cryptocurrencies to equally popular rock bands. However, he failed to draw a comparison for Dogecoin, leaving it with a question mark.
Meanwhile, Dogecoin has been doing what every meme is intended for, which is sticking to minds. The token has been enjoying the spotlight of late, spurred on by Elon Musk and his bid to take over Twitter.
There are strong speculations that should the Tesla CEO be successful in his plans to buy the social media giant, integration of Dogecoin on the platform will be swift.
This has been heightened by Musk’s agreement with Dogecoin co-founder, Billy Markus, that the token needs more adoption and integrations to be more useful as a currency.
Dogecoin for institutional investors?
Dogecoin has been argued to hold great potential to become a global transactional currency. Proponents including Elon Musk and the CEO of Robinhood Vlad Tenev have held this stance. This puts up a serious use case for the memecoin that could distinguish it from other memecoin.
With developers of the blockchain working towards strengthening this narrative with strong community support, DOGE may achieve its potential in this direction.
This is why the DOGE community has not relented in courting new businesses to adopt the memecoin. If Grayscale, which is the biggest digital assets fund manager globally, launches a Dogecoin fund, it could do wonders for the adoption of the token.
Grayscale is not new to DOGE. A study conducted late last year showed that the memecoin is more popular than Ethereum among American investors it surveyed. Regardless, the asset manager has not disclosed any plans around the coin. DOGE is currently trading at $0.16, up 23.43% in the last 24 hours.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
