Grayscale launches dogecoin-focused fund as altcoin adoption picks up pace

Quick Summary:

Grayscale Investments said on Friday it was launching an investment fund aimed at dogecoin, as the cryptocurrency asset manager looks to tap into the increasing momentum around alternatives to bitcoin.

The coin was conceived as a joke during an earlier crypto bubble, but it has steadily gained popularity, partly due to the support of Tesla CEO and the world's richest man, Elon Musk.

It is now the world's eighth-biggest token, with a market cap of about $50 billion, according to data from cryptocurrency data and analysis firm CoinGecko.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Investors Cryptocurrency Dogecoin Bitcoin Crypto Grayscale Trust Investment Financial Aimed World

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-31 @ 23:59:53 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 328 words

Reading Time: 2 minutes read

Sentences: 13 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Channel News Asia

News ID: 25675238

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