Dogecoin, the popular meme-inspired cryptocurrency, has recently surged by nearly 4% in value, with market enthusiasm bolstered by speculation around a possible listing on Grayscale Investments’ platform.
This latest uptick has raised questions about whether Dogecoin could reach the much-anticipated $3 mark—a milestone that would significantly shift its current valuation.
Grayscale Adds Dogecoin to Assets Under Consideration
Grayscale recently updated its list of “Assets Under Consideration” to include Dogecoin alongside other notable tokens such as Worldcoin (WLD) and Toncoin (TON). This development has sparked optimism among investors, who view Grayscale’s interest as a potential endorsement of Dogecoin’s credibility within institutional investment circles.
The assets under consideration by Grayscale are divided into five categories—currencies, smart contract platforms, financials, culture, and utilities. While these assets are not yet listed on Grayscale’s product lineup, the mere prospect of inclusion has already begun to influence market sentiment.
Past listings on similar platforms have historically driven asset price rallies, as seen with the XRP Trust launched by Grayscale in September, which boosted investor confidence and caused a temporary price surge for XRP.
Dogecoin’s Market Rally and Growing Optimism
Dogecoin’s recent price rally has been accompanied by a surge in trading volume, which climbed by 35% to reach $1.02 billion. Additionally, Dogecoin Futures Open Interest—a metric indicating the value of open futures contracts—grew by over 5% to approximately $601.91 million, underscoring heightened investor interest.
The enthusiasm around Dogecoin’s potential listing comes as the broader crypto market remains optimistic, particularly with the rise of stablecoins and other alternative assets. The market confidence is further strengthened by Dogecoin’s role in global trade and its use in regions with economic sanctions, such as Venezuela and Russia, where USDT—a leading stablecoin—has also gained traction as a medium of exchange.
Could Dogecoin Hit $3?
The possibility of a $3 price target has garnered considerable attention, though it remains speculative. While Dogecoin’s price currently sits around $0.12, some market analysts believe a rally could be achievable, especially if Grayscale formally adds DOGE to its lineup.
Dogecoin still remains significantly lower than its all-time high of $0.73, achieved in May 2021. However, with the growing mainstream interest in digital assets, meme coin enthusiasts are hopeful for a resurgence in Dogecoin’s value.
The Future of Meme Coins in the Crypto Market
As the largest meme coin by market capitalization, Dogecoin holds a significant position within the $54.5 billion meme coin market, which has grown fourfold over the past year. Despite this growth, the market cap of meme coins is still below its 2021 peak of $90 billion.
While Dogecoin’s journey to $3 remains uncertain, its growing use as a payment alternative in global trade and its potential Grayscale listing may strengthen its appeal as both an investment and a viable digital asset.
