Decrypt Experts Explain the Sudden Rise of Dogecoin
According to Zach Pandle, Head of Research at Grayscale, the signing of the stablecoin bill by U.S. President Donald Trump had a positive impact on the crypto market, including major memecoins.
Katie Talati, Head of Research at Arca, told Decrypt that after locking in profits from Bitcoin and Ethereum, investors began rotating capital into smaller-cap coins. Dogecoin, she added, is listed on most crypto exchanges, which gives its price additional support.
The memecoin also surged after Nasdaq-listed mining company Bit Origin announced it would create a $500 million reserve in Dogecoin, Decrypt noted.
In addition, companies including Rex Osprey, Canary Capital, and 21Shares have submitted applications to the U.S. SEC to launch Dogecoin ETFs. The chances of approval exceed 90%, according to the report.
Previously, Dogecoin Cash (DOGP) announced the formation of a subsidiary, Dogecoin Treasury (DTI), aimed at supporting the scaling of the Dogecoin ecosystem.
See also: "Musk’s SpaceX Moves $150M in Bitcoin After Three Years of Dormancy"
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