Dogecoin DOGEUSD Drops Significant Update, Launching Official Reserve

According to the House of Doge, the launch saw an initial purchase of 10 million DOGE to kick off the reserve.

The largest meme coin on the digital asset market, Dogecoin DOGEUSD, has dropped a significant update.

What Happened: An offshoot of the Dogecoin Foundation, House of Doge has officially informed the community of notable developments. Taking to X, formerly Twitter, the ecosystem noted that the official Dogecoin Reserve is now live.

"Announcing the launch of the Dogecoin Reserve! A portion of the Dogecoin Foundation's holdings will be used to regularly purchase and hold Dogecoin, acting as a permanent and meaningful show of support for the ecosystem," the post read.

The initiative 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.

According to House of Doge, the move is also geared toward actualizing the vision of DOGE as a global decentralized currency used for everyday transactions.

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.

"Dogecoin is money…Dogecoin is the people’s coin. House of Doge has deliberated on how to best integrate DOGE as a currency in payments, food and beverage companies, and other transactions."

Dogecoin supporters can donate to the Dogecoin Foundation to support the initiative further.

Tesla (NASDAQ:TSLA), 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 supporter and was named the "Dogefather" by the community. Other companies include AirBaltic, a notable airline in Eastern Europe, Microsoft (NASDAQ:MSFT) 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 crypto exchange FTX.