DOGE is Having Its Day (Again)
Dogecoin is experiencing a remarkable resurgence, with significant gains this week as corporate and institutional interest in this original meme coin grows.
In just the last day, Dogecoin has surged by nearly 13%, surpassing the $0.30 mark on Saturday morning for the first time since early February. Currently priced at $0.299, DOGE has increased by approximately 40% over the past week.
Other notable cryptocurrencies have also performed well, with Solana rising 18% during the same timeframe and XRP making a nearly 12% jump. However, Dogecoin continues to reign supreme among the top 10 most valuable cryptocurrencies by market capitalization.
It is also outpacing the recent gains of Bitcoin and Ethereum, which have risen 4.5% and about 9% respectively over the last week.
Finally, Dogecoin is attracting some much-needed institutional interest. Analysts Says that the absence of such attention was a factor in Dogecoin staying far below its all-time high in 2021, while other leading cryptocurrencies reached new highs.
Unlike Bitcoin and Ethereum, DOGE has not seen major companies accumulating it or ETFs driving investor enthusiasm. However, this trend is changing rapidly.
This week, CleanCore Solutions, a publicly traded company listed as ZONE on the NYSE American, began acquiring substantial amounts of Dogecoin, purchasing over 500 million DOGE, now valued at approximately $148 million. The firm is collaborating with House of Doge, the commercial arm of the Dogecoin Foundation, and is positioning itself as an “official” DOGE treasury company.
As CleanCore’s CIO, Marco Margiotta, stated this week, the intention is to establish Dogecoin as a serious reserve asset while enhancing its utility for payments and additional financial services. This vision is quite ambitious for a cryptocurrency that began as a joke.
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Additionally, there’s growing excitement about the first U.S. spot Dogecoin ETF from Rex-Osprey (ticker: DOJE), which will allow everyday investors to purchase DOGE through their conventional brokerage accounts. This ETF has faced multiple delays; trading was initially set to commence on Thursday, then moved to Friday, and is now anticipated to launch sometime next week, according to Bloomberg Senior ETF Analyst Eric Balchunas.
Nonetheless, these delays have not hindered Dogecoin’s upward momentum in recent days, as evidenced by its ongoing surge.
