Dogecoin‘s price surged by more than 5% following the announcement of the Official Dogecoin Reserve’s launch on March 24. The reserve’s inaugural purchase amounts to roughly $1.8 million, acquiring 10 million DOGE tokens.
The Dogecoin Foundation’s corporate arm, House of Doge, revealed that the reserve’s creation is part of its broader strategy to establish DOGE as a “fast and reliable payment option” globally. In the coming months, House of Doge plans to unveil strategic partnerships to demonstrate Dogecoin’s real-world utility for transactions.
Michael Galloro, a board-elect member at House of Doge, explained that the reserve aims to bridge the gap between transaction speeds and real-world applications, enhancing Dogecoin’s practicality for everyday purchases.
The announcement comes shortly after President Donald Trump’s executive order on March 6, which established a Strategic Bitcoin Reserve. As a meme coin initially launched to parody Bitcoin, Dogecoin is now positioning itself to be a more mainstream payment option, despite challenges in achieving widespread adoption.
Within 24 hours of the announcement, DOGE’s price rallied to $0.1922, according to Kraken’s price feeds. The cryptocurrency saw $1.62 billion worth of trades, with 8.5 billion DOGE coins exchanged in the same period.
The surge in Dogecoin’s price and market capitalization—now at $28.47 billion—has propelled it to the 8th spot in terms of market size, surpassing Cardano (ADA), which has a market cap of $26.56 billion.
However, Dogecoin’s current price remains significantly lower than its all-time high of $0.7316, reached on May 8, 2021, marking a 75% decline from that peak.
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