Dogecoin Foundation Purchases 10M Tokens as Part of New DOGE Reserve

The House of Doge, the Dogecoin Foundation's commercial entity, has acquired over 10 million Dogecoin (DOGE), valued at approximately $1.8 million. This purchase is a key component of a broader DOGE reserve strategy.

Established in February with a five-year plan, House of Doge aims to elevate DOGE beyond its memecoin status and establish it as a viable payment currency. Their strategy focuses on demonstrating DOGE's practicality for everyday transactions, highlighting its low fees.

In the coming months, House of Doge will announce partnerships with several payment processors.

"The House of Doge is building a payments ecosystem founded on a strategic reserve, ensuring liquidity, stability, and reliability," stated Michael Galloro, a Member of the Board-Elect of the House of Doge. "This reserve will bridge the gap between transaction speeds and real-world usability, making Dogecoin highly practical for everyday purchases."

DOGE experienced significant price increases leading up to President Donald Trump's election, fueled by speculation surrounding the potential use of its abbreviation, D.O.G.E., in a government department.

Since then, DOGE, along with the broader cryptocurrency market, has seen price corrections, with values declining over 30% since January, according to CoinDesk data.