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The Dogecoin price has received a major boost following House of Doge’s announcement of its plans to list on the Nasdaq. The firm revealed that the deal is backed by $50 million, suggesting it could inject fresh liquidity into the Dogecoin ecosystem.
Dogecoin Sees Fresh $50M Liquidity As House of Doge Secures Nasdaq Listing
In a press release, House of Doge announced that it has secured a Nasdaq listing through a merger with Brag House Holdings, a deal backed by over $50 million in investment capital, which is a positive for Dogecoin. Brag House will acquire House of Doge in a reverse takeover transaction, which is subject to approval from both companies’ boards of directors.
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House of Doge, the commercial arm of the Dogecoin Foundation, noted that this proposed merger will advance mainstream Dogecoin adoption and institutionalize the meme coin’s utility. The firm also highlighted how it boasts 837 million DOGE within its framework, representing the largest institutional Dogecoin holdings in the global crypto ecosystem.
House of Doge has already built an institutional foundation for the Dogecoin ecosystem through its partnerships with 21Shares, Robinhood, and CleanCore Solutions. The firm played a key role in helping CleanCore set up its Dogecoin treasury. Now, the firm is looking to deepen the push for the institutional adoption of DOGE and has secured $50 million to boost the meme coin’s ecosystem.
House of Doge revealed that it plans to use this capital to lay the foundation for a “scalable, transparent, and yield-producing Dogecoin economy” for both institutional investors and the DOGE community. The firm also confirmed that the newly combined entity will hold a “significant amount of Dogecoin within its framework,” indicating that some of the capital it secured will be used to purchase DOGE.
Catalyst For A DOGE Rally
The House of Doge’s proposed merger could serve as one of the catalysts for an explosive Dogecoin rally to new highs. The firm has outlined several ways it plans to boost DOGE’s institutional adoption, which could spark more institutional inflows into the meme coin’s ecosystem.
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Notably, this comes amid the imminent launch of the Dogecoin ETFs, which are expected to drive fresh liquidity into DOGE. Crypto analyst The Historical Performance That Says Dogecoin Price Will Hit $11.71 By End Of Year, that the meme coin could rally to as high as $0.6533 even as the institutional catalysts line up for Dogecoin.
From a technical perspective, the analyst stated that DOGE’s uptrend remains intact and that, as prices hold above a major resistance trendline, the target remains $0.6533. He added that the uptrend can spark a run of over 200% to reach this target.
At the time of writing, the Dogecoin price is trading at around $0.2, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com
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