Dogecoin News: Biggest DOGE Update for the Week

Dogecoin entered the limelight in the past week as Grayscale introduced the DOGE Trust to help institutional investors gain exposure to the coin. 

Grayscale Investments, an American asset management firm, has launched the Dogecoin (DOGE) Trust. The DOGE Trust will operate as a closed-end fund with a 2.5% management fee for investors. This pioneering single asset DOGE investment fund signals a growing adoption for altcoins. 

The Implications Of A Dogecoin Trust Fund

This trust is the first product from Grayscale with institutional focus on DOGE. Having succeeded with this, accredited investors can now gain exposure to Dogecoin with ease. Taking a closer look, the introduction of this trust comes amid a broader shift in the crypto investment landscape.

According to the company’s Head of Product and Research, Rayhaneh Sharif-Askary, DOGE’s low transaction cost, and fast transfer speed make it ideal for global financial inclusion or remittances. This development might further skyrocket interest in DOGE.

Grayscale also filled out the 19b-4 form yesterday. This would enable it to convert its DOGE Trust into a spot Exchange-Traded Fund (ETF). The 19b-4 form is an application filed with the US Securities and Exchange Commission (SEC). 

Analysts say the latest happenings around DOGE have been linked to political development in the US. President Donald Trump has established the Department of Government Efficiency (D.O.G.E.), led by Elon Musk. 

The formation of the D.O.G.E. department has drawn widespread attention to DOGE. Despite the massive bet on Dogecoin, it is currently experiencing a massive price shift. Per data from CoinMarketCap, it is down by 16.53% in 24 hours to $0.2671.

SEC Pivot and The Rise of ETFs

Trump’s signing of the first crypto executive order has fueled optimism within its finance space. With his emergence, the US SEC, with Mark Uyeda as the head has made a crucial pivot with relaxed regulatory trend.

Amid this push, Tuttle Capital Management recently applied to the US SEC, seeking 10 crypto-related ETF approvals. 

This included funds tied to prominent memecoins, intending to generate leverage on the investments. Examples of the memecoins it is looking to bet on include DOGE, TRUMP, and MELANIA.

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