- The Dogecoin Foundation’s financial arm has set up the Dogecoin Reserve with an initial purchase of 10M DOGE.
- The memecoin has shown significant surges in the last few hours after this movement.
The overall crypto market is still combating the price slump of the past weeks. However, community members have turned attention to other activities that are spurring up the sector. For instance, Circle has recently made advancements in Japan to begin adopting USDC into the government’s financial ecosystem.
Meanwhile, in the US, the Dogecoin Foundation’s latest corporate arm, House of Doge, has made new movements. The firm has set up its official Dogecoin Reserve in collaboration with the Dogecoin Foundation. It has also made an initial purchase of 10 million DOGE, worth approximately $1.8 million.
Furthermore, the Dogecoin Foundation has entered a five-year agreement with House of Doge which will serve as its commercializing partner. With this new partnership, the financial arm aims to expand Dogecoin’s current use cases to accommodate further utility.
According to reports, with the setting up of the Dogecoin reserve, the House of DOGE plans to create a proof of concept. This concept is to show that Dogecoin can be used to facilitate seamless and efficient transactions.
Will the Dogecoin Reserve Instigate Positive Momentum in DOGE?
Over the past few months, community members have begun to lose interest in DOGE due its significant price drops. In Q3 2024, the memecoin showed a major downfall of more than 40% which resulted in huge losses for investors. However, reverting to the past 24 hours, DOGE has shown positive momentum.
On inferring its daily price chart, DOGE shows an increase of 5.42% in the past day. In the morning hours of March 24, the memecoin was trading at the $0.17 level. However, after bullish candles sparked it has climbed to the $0.18 level. At the time of writing, Dogecoin was trading at $0.1841 as per CMC data.
The reason behind this past day’s surge can be attributed to the Dogecoin Foundation’s newly launched reserve. Moreover, Dogecoin has also seen increased endorsement by Elon Musk and other leading personalities under the Trump administration.
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