Dogecoin (DOGE) Price Surges as House of Doge Buys 10 Million Coins

Dogecoin price has recently seen a surge in momentum, with the House of Doge making a major move by purchasing 10 million Dogecoins.

The House of Doge, a new subdivision of the Dogecoin Foundation has announced the launch of its Official Dogecoin Reserve.

This move is coming as the time lag in transactions has been a major factor hindering the rapid adoption of digital currencies. In a bid to mitigate this, House of Doge has purchased 10 million Dogecoins during the current price.

Through the creation of the Reserve, the aim is to establish the mechanism for DOGE to become a feasible and efficient international currency. This is expected to reduce the time taken to complete blockchain transactions, increasing efficiency of payments for both businesses and buyers.

Commenting on the development, Michael Galloro, a member of the board-elect at House of Doge, said that the creation of this reserve will increase the transaction time and real-world usability difference making Dogecoin the best option for everyday use.

Earlier this year, the Dogecoin Foundation announced the formation of a new corporate arm, which will be focused on driving the adoption of Dogecoin as a mainstream payment option.

The new arm, which is being called House of Doge, will be responsible for forging partnerships with businesses and investors, and developing new products and services that will expand the use of Dogecoin.

The launch of the Official Dogecoin Reserve is a key part of House of Doge’s broader strategy to increase the adoption of Dogecoin.

The new arm of the Dogecoin Foundation is also planning to create a Strategic Dogecoin Reserve, which will be used to invest in promising startups and technologies.

These initiatives are all part of House of Doge’s mission to make Dogecoin a leading cryptocurrency for the next generation of Web3 innovators.

Dogecoin Potential For Mainstream Payments Explored

Further breaking down the plans for the integration of Dogecoin into businesses, the goal is to have a simple button on the point of purchase system at merchants where consumers can choose to pay with Dogecoin.

However, this will require faster and cheaper transactions, which is why Dogecoin is touted to be a more efficient payment method compared to the current online alternatives, which are usually slower and more expensive.

Another key factor in Dogecoin’s suitability for mainstream adoption is its inflationary supply, with the number of coins expected to increase in a linear fashion.

While Bitcoin has a limited supply, Dogecoins can be continually generated, making the latter more suitable for practical, everyday use.

To encourage both consumers and merchants to use Dogecoin for their daily purchases, House of Doge will also be deploying several interesting strategies, which may include a cashback program for consumers or special promotions for merchants.

These partnerships will be crucial in driving the adoption of Dogecoin among the masses. The goal is to make Dogecoin sufficiently scalable to handle a large volume of transactions with the speed and security needed to allow for rapid integration by businesses.

Dogecoin Price Technical Analysis: Potential 16% Rally

Dogecoin price has been showing signs of bullish momentum, with technical indicators suggesting a potential 16% rally in the near term.

According to crypto analyst Ali Charts, the Dogecoin price is currently consolidating in a symmetrical triangle pattern, which is often seen as a continuation pattern.

This breakout is quickly approaching the 0.180 to 0.190 resistance, which is a key level to watch. If the bulls can push through this barrier, it could open the door for a substantial rally towards the 0.230 to 0.240 range, marking an 18 to 24% surge from the current price point.

suggesting that the coin could be poised for further gains. Moreover, the MACD is showing signs of bullish momentum, with the 12-period EMA about to cross above the 26-period EMA, which is another bullish signal.

Another crypto analyst, Trader Tardigrade, pointed out that Dogecoin price is emerging from the consolidation phase it entered in April. This is similar to what happened in 2017, when Bitcoin price entered a consolidation phase in November before making a breakout in December.