- Dogecoin has jumped 38% this week, hitting an eight-month high.
- The rally is fueled by news of the first U.S. Dogecoin ETF.
- CleanCore Solutions revealed plans to acquire 1 billion DOGE, aiming to position the token as a corporate reserve asset.
The bulls are back in the crypto market, and Dogecoin is ranking among the best-performing assets. In the past 24 hours, DOGE has surged by about 14%, marking the best performance among large-cap cryptocurrencies.
This 24-hour comeback has pushed its weekly gain to a massive 38%, with the coin currently trading at $0.2963, an eight-month high. Dogecoin now looks to reclaim the $0.30 level, a region last seen during the January bull market frenzy.
Related: Top Altcoins Are Outperforming Bitcoin: Is Altcoin Season Here?
The uptrend in Dogecoin follows the broader rally in the crypto market, as Bitcoin now trades at $116,000 after falling to $107,000 on September 1. Ethereum is also reapproaching its all-time high, trading at $4,750, up 10% over the past week.
Beyond the broader market rally, Dogecoin’s gains are further fueled by news of the launch of the first-ever Dogecoin ETF in the United States.
First U.S. Dogecoin ETF Ignites Institutional Interest
Earlier this week, Bloomberg ETF analyst Eric Balchunas announced that the first U.S. memecoin ETF, the Rex-Osprey Doge ETF (DOJE), would begin trading on Friday. This announcement sparked significant excitement in the crypto community.
Notably, Rex Shares itself confirmed the imminent launch in a tweet on September 3. However, a subsequent update from Bloomberg analyst James Seyffart suggested that the Dogecoin ETF would instead commence trading next week. Indeed, the ETF did not launch last Friday as initially expected.
Related: First Ever Dogecoin ETF Nears Approval With 93% Likelihood: Santiment Confirms
Nonetheless, the arrival of an institutional investment vehicle focused on DOGE has contributed significantly to the ongoing uptrend.
For context, the ETF is launching under the Investment Company Act of 1940, differing from the framework used for Bitcoin and Ethereum funds. The eventual launch would mark a major step in the expansion of regulated crypto products, with over 90 crypto ETF proposals currently under SEC review, including those tied to Solana and XRP.
1 Billion DOGE Treasury Plan Adds Fuel
Beyond ETFs, institutions are also making significant moves in the Dogecoin space. U.S.-listed CleanCore Solutions (ZONE) recently disclosed the accumulation of over 500 million DOGE tokens just days after entering the market. The company plans to reach 1 billion DOGE within 30 days.
Led by CIO Marco Margiotta, the initiative aims to position Dogecoin as a serious corporate reserve asset. It aims to support DOGE for various use cases, including payments, tokenization, and international transfers.
The treasury is in partnership with House of Doge, with custody handled by Bitstamp on behalf of Robinhood. CleanCore ultimately targets acquiring 5% of Dogecoin’s circulating supply.
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