Dogecoin (DOGE), the largest meme coin on the digital asset market, has dropped a significant update. In an X post, House of Doge, an offshoot of the Dogecoin Foundation, has officially informed the community of notable developments, stating that the official Dogecoin Reserve is now live.
Strengthening Dogecoin's adoption push
According to the House of Doge, the launch saw an initial purchase of 10 million DOGE to kick off the reserve. At the current market price, this is worth around $1.82 million.
The move signals confidence in the long-term potential of Dogecoin and may likely boost liquidity and stability for the meme coin.
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Per the update, the move is also geared toward actualizing the vision of DOGE as a global decentralized currency used for everyday transactions.
The Official @dogecoin Reserve is now live and operational
Over 10,000,000 INITIAL Dogecoin purchased!
Thank You @DogecoinFdn, HoDo Team and all the amazing people in the Dogecoin Community! 👊🏽
Dogecoin is Money
Dogecoin is the People’s Coinhttps://t.co/aZSmRCFu0j
The ecosystem believes Dogecoin could become the world’s preferred currency, given its low transaction fees. Additionally, Dogecoin’s inflationary model ensures ongoing liquidity, making it suitable for use as a medium of exchange.
According to the House of Doge, "Dogecoin is money…Dogecoin is the people’s coin." This reinforces the idea that DOGE is a decentralized, community-driven currency meant to be used for everyday transactions.
The House of Doge has deliberated on integrating DOGE as a currency in payments, food and beverage companies, and other transactions.
DOGE market reaction
Interestingly, Tesla, the electric vehicle manufacturer, is one of several companies that accept Dogecoin. This is largely due to the massive support given it by Elon Musk, Tesla's cofounder and CEO. Musk is a known Dogecoin enthusiast and was named the ‘"Dogefather" by the community.
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Other companies include AirBaltic, a notable airline in Eastern Europe, Microsoft and AMC Theatres.
Meanwhile, on the crypto market, DOGE maintains a steady rebound move. As of this writing, the DOGE price was changing hands at $0.1831, a 6.85% rise in the last 24 hours, according to data.
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