Dogecoin Reserve Established

A new Dogecoin (DOGE) reserve has set aside 10 million DOGE, approximately $1.83 million, to support the meme coin as a legitimate payment method for businesses and consumers globally.

House of Doge Initiative

Led by House of Doge, an entity formed to promote Dogecoin adoption through corporate partnerships, this reserve will differ from traditional financial reserves like the Bitcoin Strategic Reserve. Rather than acting as a hedge against economic uncertainty, the DOGE reserve will serve as a liquidity pool to facilitate transactions for merchants worldwide.

Michael Galloro, a board member-elect of House of Doge, stated, “With a strategic reserve, House of Doge is laying the foundation for a payments ecosystem that ensures liquidity, stability, and reliability. By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases.”

Purpose of the Reserve

The initiative aims to address blockchain transaction times, which House of Doge claims have hindered digital assets from becoming commonplace in everyday payments. The entity plans to implement reward programs and merchant incentives for using DOGE in transactions.

Future Developments

House of Doge is expected to announce its first strategic partnership in the coming months.

Additionally, financial firms like Grayscale and Bitwise have enhanced Dogecoin’s financial credibility by applying for ETFs associated with the popular meme coin. Moreover, the iconic shiba inu logo will soon feature on IndyCar driver Devlin DeFrancesco’s helmet during the Indianapolis 500 in May.

Currently, DOGE has risen by 7% in the last 24 hours to $0.183, although it remains down about 25% for the month amid a broader market decline.