-
Dogecoin is at an eight-month high after a 38% increase this week.
-
The news of the first U.S. Dogecoin Exchange Traded Fund (ETF) is fueling the rally.
-
CleanCore Solutions announced plans to purchase 1 billion DOGE in order to position the tokens as corporate reserves.
Dogecoin has been one of the best performing assets in the crypto market. DOGE has risen by 14% in the last 24 hours. This is the best performance of all large-cap cryptos.
This 24-hour recovery has increased its weekly gain by a massive 38%. The coin is currently trading at $0.2963 – an eight-month high. Dogecoin is now looking to reclaim $0.30, a level last seen in the January bull market frenzy.
Related Top Altcoins Outperform Bitcoin: Is Altcoin season here?
Dogecoin’s uptrend follows the wider rally in the cryptomarket, as Bitcoin is now trading at $116,000, after falling to $107,000 in September 1. Ethereum is also approaching its all-time highest, trading at $4.750, an increase of 10% in the last week.
Dogecoin gains are boosted by the news of the first Dogecoin ETF launched in the United States.
First U.S. Dogecoin ETF Sparks Institutional Interest
Eric Balchunas, Bloomberg ETF analyst, announced earlier this week that the Rex-Osprey doge ETF (DOJE), the first U.S. mecoin ETF to begin trading, would do so on Friday. This announcement generated a lot of excitement in the crypto-community.
Rex Shares confirmed the impending launch of its ETF in a Twitter post on September 3. A subsequent update by Bloomberg analyst James Seyffart indicated that the Dogecoin ETF will instead begin trading next week. The ETF didn’t launch as expected last Friday.
Related First ever Dogecoin ETF Nears approval with 93% likelihood: Santiment confirms
The arrival of a DOGE-focused institutional investment vehicle has contributed to the current uptrend.
To put things in context, the ETF will launch under the Investment Company Act of 40, which is different from the framework used by Bitcoin and Ethereum funds. The eventual launch of the ETF would be a major step forward in the expansion and regulation of crypto products. Over 90 crypto ETF proposals are currently being reviewed by SEC, including those linked to Solana or XRP.
Treasury Plan of 1 Billion DOGE Adds Fuel
Institutions are also taking a significant position in the Dogecoin market, beyond ETFs. CleanCore Solutions, a U.S. listed company (ZONE), recently announced that it had accumulated over 500,000,000 DOGE tokens within days of entering the market. The company aims to reach 1 billion DOGE tokens within 30 days.
The initiative, led by CIO Marco Margiotta aims to position Dogecoin a serious corporate asset reserve. It aims at supporting DOGE for a variety of use cases, such as payments, tokenization and international transfers.
The treasury has partnered with House of Doge. Bitstamp is handling custody on behalf of Robinhood. CleanCore’s ultimate goal is to acquire 5% of Dogecoin circulating supply.
This site is for entertainment only. Click here to read more
