Stock prices of the Dogecoin Treasury company surge, only to plummet, as assets in Dogecoin exceed 600 million units.
In a significant move for the crypto market, CleanCore, a company chaired by Elon Musk's personal lawyer Alex Spiro, has amassed over $161 million worth of Dogecoin, making it an "official" Dogecoin treasury.
CleanCore's meteoric rise in Dogecoin ownership began with a $175 million PIPE announced in early September, which was intended to kick-start its treasury. This was followed by the addition of an impressive 100 million Dogecoin to its holdings. As of now, CleanCore holds over 600 million Dogecoin.
The company's CEO, Marco Magiotta, who also serves as the CEO of House of Doge, the commercial arm of the Dogecoin Foundation, believes their transparent accumulation approach is contributing to market confidence in Dogecoin's long-term potential.
CleanCore's ambitions don't stop at accumulation. The company aims to support broader use of Dogecoin in payments, tokenization, staking-like products, and remittances. The ultimate goal is to establish Dogecoin as a premier reserve asset.
The meme coin, Dogecoin, currently the 8th largest crypto asset by market cap, trading at just shy of $0.27, has seen a notable rise in the last two weeks, up nearly 26%, bucking the downward trend of ZONE shares. In the last seven days alone, Dogecoin is up nearly 12%.
The surge in Dogecoin's value could potentially be fueled by an imminent spot ETF launch in the U.S. It's worth noting that large Dogecoin holders, often referred to as "whales," have been accumulating DOGE. One such whale recently moved 900 million DOGE to Binance, although the exact current DOGE holding of CleanCore is not specified in the available information.
CleanCore's ambitious plan is to accumulate at least 5% of the circulating supply of DOGE, which is around 7.5 billion DOGE based on the current circulating supply of nearly 160 billion DOGE. Dogecoin is more than 63% off its 2021 all-time high price of $0.73.
Despite its recent success, Dogecoin still has a history with Musk, who has been associated with the cryptocurrency in the past. CleanCore's collaboration with House of Doge further cements this connection.
As CleanCore continues to accumulate Dogecoin and work towards establishing it as a premier reserve asset, the future of Dogecoin and its potential impact on the crypto market remains a topic of interest and excitement for many.
Read also:
- Musk threatens Apple with litigation amidst increasing conflict surrounding Altman's OpenAI endeavor
- Innovative Garments and Accessories Producing Energy: Exploring Unconventional Sources for Renewable Power
- BMW's Debrecen Plant Unveiled: Birthplace of the iX3 and New Class Models
- Electrified Opel Corsa GSE Concept (2025): Echoing the Performance of Lamborghini
