While Dogecoin (DOGE) was not designed with many use cases beyond mocking the proliferation of cryptocurrencies, the cryptocurrency has caught the attention of influential people.
Recently, Digital Currency Group founder and CEO Barry Silbert revealed that he is considering buying Dogecoin, as Elon Musk and others have done.
Silbert posted in a tweet on Monday (25) stating that he could not believe the thought of buying DOGE crossed his mind, but that it was a sign that the cryptocurrency had acquired a new status.
The statement came shortly after Dogecoin’s biggest fan, Elon Musk, acquired Twitter for $44 billion. Once the deal is finalized, Twitter will become a private company. Shortly after the news the price of DOGE jumped 35%.
It is worth noting that, before acquiring Twitter, Musk had already proposed that Dogecoin become a payment option for Twitter Blue subscriptions.
In addition, Twitter already supports donations to content creators in BTC and ETH. And, under Musk’s leadership, some believe it’s only a matter of time before the social media platform adds Dogecoin.
Grayscale Doge Trust
After the purchase of Musk and the recent backlash from Silbert, netizens began to speculate that Grayscale could soon launch a Dogecoin trust. This would open up the entire institutional market to the biggest memecoin on the market.
Speculation has increased as this is not the first time Silbert has tweeted about Dogecoin. Shortly before Elon Musk’s SNL debut on NBC in May 2021, Grayscale’s CEO revealed that he had used DOGE through Dogebear – a 3x leveraged ERC-20 short token that was being traded on the FTX cryptocurrency exchange.
“If Grayscale Investments, the world’s largest digital asset management firm, launches a Dogecoin Trust offering indirect exposure to institutional and high net worth individuals to DOGE, it would further expand the cryptocurrency’s use cases,” said expert Brenda. Ngari.
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