Dogecoin Rises 20% as Treasury Firm Amasses DOGE, ETF Nears Launch

Dogecoin is one of crypto’s biggest gainers over the last week, beating majors like Bitcoin and Ethereum as fresh catalysts helped propel the O.G. meme coin to its highest price in nearly a month.

DOGE was recently priced at $0.2543, rising nearly 20% over the past week and hitting its highest price since August 13, according to data from CoinGecko.

No coin in the top 10 cryptocurrencies by market cap has gained more over the last week than DOGE, though the coin remains well short of its 2021 all-time high mark above $0.73.

Every other coin in the top 10—besides dollar-pegged stablecoins—has set a new all-time high in the last 12 months. Analysts recently told Decrypt that DOGE has been the lone outlier due to a lack of demand drivers like treasury firms amassing billions of dollars’ worth of the coin, or ETFs piling up coins due to investor interest.

But that’s starting to change.

On Monday, CleanCore Solutions—the first publicly traded Dogecoin treasury, which trades as ZONE on the NYSE American—announced its first purchase of the cryptocurrency, and then revealed yet another purchase on Thursday afternoon.

CleanCore said that it now holds over 500 million DOGE, valued above $125 million. The firm established its treasury together with House of Doge, the commercial arm of the Dogecoin Foundation that supports the cryptocurrency, and as such has called itself an “official” treasury company.

“Crossing the 500 million DOGE threshold demonstrates the speed and scale at which ZONE is executing its treasury strategy,” said CleanCore CIO and House of Doge CEO Marco Margiotta in a release. “Our vision is to establish Dogecoin as a premier reserve asset while supporting its broader utility across payments, tokenization, staking-like products, and global remittances.”

ZONE is up about 6% on the week, and has surged by more than 200% since the start of the year.

Dogecoin’s recent rise also comes amid anticipation for the first DOGE ETF to launch in the United States. Rex-Osprey’s Doge ETF, which will use the DOJE ticker, is set to begin trading Friday after being delayed a day.

While it’ll list under a different process than the majority of spot Bitcoin and Ethereum ETFs trading in the United States, as analysts told Decrypt this week, the end result will be much the same: It’ll allow traditional investors to gain access to the original and still most valuable meme coin.

“Pretty sure this is first-ever U.S. ETF to hold something that has no utility on purpose,” Bloomberg Senior ETF Analyst Eric Balchunas wrote on X this week.

Users on Myriad, a prediction market developed by Decrypt‘s parent company Dastan, are increasingly bullish on Dogecoin’s prospects, currently projecting a 66.6% chance that DOGE is more likely to rise to $0.30 than fall to $0.15. That mark has risen by nearly 15% over the last week amid Dogecoin’s price climb.