DOGEcoin experiences a 20% surge in value, following reports of a Treasury company's DOGE accumulation, and an exchange-traded fund (ETF) approaching its launch date.
Dogecoin, the popular meme-inspired cryptocurrency, has seen a significant rise over the past week, with a gain of nearly 20%. This surge comes amidst the growing anticipation for the launch of the first DOGE Exchange-Traded Fund (ETF) in the United States.
The upcoming Doge ETF, Rex-Osprey's DOJE, is set to begin trading on Friday after a slight delay. This ETF will allow traditional investors to gain access to Dogecoin, potentially widening its appeal and driving further growth.
According to Bloomberg Senior ETF Analyst Eric Balchunas, the Doge ETF is a unique venture, as it is the first-ever U.S. ETF to hold something with no utility on purpose.
The optimism surrounding Dogecoin is also reflected in predictions made on Myriad, a prediction market. Users on the platform project a 66.6% chance that DOGE is more likely to rise to $0.30 than fall to $0.15. This positive sentiment has strengthened over the past week, with the chance of DOGE reaching $0.30 rising by nearly 15%.
CleanCore Solutions, the first publicly traded Dogecoin treasury, announced its first purchase of Dogecoin on Monday. The company, which is an "official" treasury company established together with House of Doge, now holds over 500 million DOGE, valued above $125 million. CleanCore revealed another Dogecoin purchase on Thursday afternoon.
Marco Margiotta, CleanCore CIO and House of Doge CEO, stated that the firm aims to establish Dogecoin as a premier reserve asset.
Despite the recent surge, Dogecoin remains well short of its 2021 all-time high mark above $0.73. However, it's worth noting that every other coin in the top 10, besides dollar-pegged stablecoins, has set a new all-time high in the last 12 months.
As of now, Dogecoin is priced at $0.2543, marking the highest price it has reached in the past month. ZONE (Dogecoin) is up about 6% on the week and has surged by more than 200% since the start of the year.
However, it's important to note that no reliable information was found in the search results about a company purchasing 125 million US dollars worth of Dogecoin this weekend.
In conclusion, the Dogecoin market is showing signs of strong growth, driven by the upcoming Doge ETF and increased investor interest. Whether this trend continues remains to be seen, but for now, Dogecoin is a cryptocurrency to watch.
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