TLDR
- Dogecoin surged by nearly 20% this week, reaching its highest level since mid-August.
- Institutional interest, led by CleanCore Solutions, played a significant role in the recent price jump.
- CleanCore increased its Dogecoin holdings to over 500 million DOGE, valued at more than $125 million.
- A US-listed Dogecoin ETF is expected to launch next week despite a delay.
- Market predictions show a 66.6% chance that Dogecoin will reach $0.30 in the near term.
Dogecoin extended its rally this week, driven by institutional demand and expectations surrounding a US-listed exchange-traded fund (ETF). While it still trades well below its 2021 high, the surge highlights growing interest in the original meme coin. This momentum is fueled by CleanCore Solutions’ large purchase and a potential ETF launch next week.
Dogecoin ETF Launch Delayed, Optimism Remains High
A US-listed Dogecoin ETF continues to attract attention. Asset manager Rex-Osprey plans to list the fund under the ticker DOJE. The ETF aims to offer traditional investors direct exposure to Dogecoin’s price movements. However, the launch has been delayed, with a new expected debut on September 12, according to Bloomberg Senior ETF Analyst Eric Balchunas.
https://x.com/EricBalchunas/status/1966236513517338749
Despite the delay, market optimism remains high. Balchunas noted the uniqueness of the ETF, pointing out its “no utility on purpose” nature. He mentioned on X that the ETF’s launch would likely happen next Thursday. Prediction markets also reflect increased optimism, with traders assigning a 66.6% probability that Dogecoin will climb to $0.30.
CleanCore’s Strategic Accumulation Boosts Price
CleanCore Solutions’ recent purchases have played a significant role in Dogecoin’s recent price surge. The company announced two substantial Dogecoin buys, increasing its holdings to more than 500 million DOGE. This boosted Dogecoin’s value to approximately $0.25, its highest since mid-August, according to CoinGecko.
CleanCore’s partnership with the Dogecoin Foundation’s commercial arm, House of Doge, has also contributed to the coin’s rising value. The company aims to establish Dogecoin as a reserve asset and encourage its broader use in payments, tokenization, and staking products. As a result, CleanCore’s stock (NYSE: ZONE) has gained about 6% this week and more than 200% since January. Despite Dogecoin’s recent rally, it remains significantly below its 2021 peak of $0.73.
