The Dogecoin Foundation’s corporate arm, House of Doge, has purchased over 10 million dogecoin (DOGE), worth just over $1.8 million, as part of a broader DOGE reserve strategy.
House of Doge is the Foundation’s corporate and commercialization unit, which was formed in February with a five-year deal in place. It hopes to position DOGE as a payment currency, away from its predominant existence as a memecoin, as part of a framework to show it can be used for everyday payments at very low fees.
House of Doge added it will unveil partnerships with various payment processors in the coming months.
“With a strategic reserve, the House of Doge is laying the foundation for a payments ecosystem that ensures liquidity, stability, and reliability,” said Michael Galloro, a Member of the Board-Elect of the House of Doge, in a release. “By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases.”
DOGE was among the highest gains in the run-up to President Donald Trump’s election due to the possibility of its abbreviation becoming part of the administration: the “Department of Government Efficiency,” abbreviated as D.O.G.E.
It has since seen profit-taking and a sell-off alongside the broader market, with prices down more than 30% since January, according to CoinDesk market data.