Exciting news! The race for a Dogecoin ETF in the US is getting stronger. Grayscale, a big asset manager, is now involved.
Grayscale Wants to Change Dogecoin Trust to ETF
On Friday, Grayscale announced a new Dogecoin Trust. This trust will help investors buy Dogecoin (DOGE). Later that day, Grayscale told the SEC about its plan to change the trust into an ETF. A trust is a private investment. Shares of the trust are traded in a smaller market. An ETF is bought and sold on big exchanges.
The Grayscale Dogecoin Trust is run by Grayscale Operating LLC and Grayscale Investment Sponsors LLC. Coinbase Custody will hold the assets of the ETF if it gets approved.
After Grayscale’s move, other companies like Bitwise and Osprey Funds also want to create a Dogecoin ETF. Many people are excited and some are critical about this news.
Dogecoin Whales Buy 560 Million DOGE
In other news, big Dogecoin investors are buying a lot of DOGE. They purchased 560 million DOGE worth $185.4 million last week. This shows that investors are interested in DOGE again.
Right now, DOGE is priced at $0.3279. It has gained 0.16% in the past day, and trading volume went up by 36.68%. Dogecoin is the eighth-largest cryptocurrency.
Image from Freepik, chart from Tradingview
Vocabulary List:
- ETF /ˌiː.tiːˈɛf/ (noun): Exchange-Traded Fund; a type of investment fund traded on stock exchanges.
- Investors /ɪnˈvɛstərz/ (noun): Individuals or entities that allocate capital with the expectation of a financial return.
- Purchased /ˈpɜr.tʃəsd/ (verb): Acquired something by paying for it; bought.
- Traded /ˈtreɪ.dɪd/ (verb): The act of buying and selling goods or services.
- Exciting /ɪkˈsaɪ.tɪŋ/ (adjective): Causing great enthusiasm and eagerness.
- Cryptocurrency /ˌkrɪp.toʊˈkɜr.ən.si/ (noun): Digital or virtual currency that uses cryptography for security.
