Dogecoin has gone up by 5.3% in the past 24 hours to $0.1923 after a new entity called “The House of Doge” announced the launch of a new strategic reserve.
To fund this initiative, a total of 10 million DOGE tokens worth approximately $1.8 million were bought. House of Doge has been tasked with promoting the cryptocurrency’s appeal as a payment method to corporate partners – e.g. merchants.
“By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases,” commented Michael Galloro, Member of the Board-Elect of House of Doge in a press release published on Monday.
The announcement has sparked enthusiasm among market participants, with Dogecoin (DOGE) outperforming its meme coin peers today. While Pepe (PEPE) and Shiba Inu (SHIB) have posted modest 24-hour gains of 1.9% and 1.4%, respectively, FLOKI and WIF have slipped by 0.2% and 1.1%.
DOGE trading volume has surged by 41% in the past day as investors rushed to gain exposure following the news. This momentum highlights a growing trend of meme coins gaining utility beyond their origins as internet culture icons or speculative assets.
If more merchants begin accepting Dogecoin for payments, the token’s real-world use case could drive increased demand and help cement its status as the leading meme coin.
DOGE Climbs for a Third Consecutive Day – Is the Sell-Off Over?
DOGE’s daily chart shows that the token found a temporary floor at the $0.1400 level during the early March sell-off. The token has been rising for three days in a row as positive momentum seems to be picking up its pace.
The Relative Strength Index (RSI) remains above the signal line and has distanced itself from it by nearly 31% already, which is bullish. Meanwhile, the MACD’s histogram shows steadily rising positive momentum readings.
DOGE is also breaking a bearish descending triangle today. This is another early sign that the token could be about to reverse its downtrend. However, a reversal would only be confirmed if DOGE rises above its most recent lower high at $0.2410.
If that happens, we could witness a full-blown recovery over the next few months for DOGE as market sentiment continues to improve.
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