While American Bitcoin investment company, Microstrategy, is amassing loads of BTC, another company is emulating the strategy, but accumulating the flagship memecoin, DOGE. Spirit Blockchain, a Canada-based crypto operation firm, made the first move after it recently acquired Dogecoin Holding, a company founded by a group of Dogecoin (DOGE) enthusiasts according to a press release dated November 5.
Per a statement by the CEO of the company, Lewis Bateman, the move by Spirit Blockchain to hold significant amounts of Dogecoin in its portfolio is partly inspired by Microstrategy’s plan of accumulating Bitcoin as a store of value. He added that beyond holding the memecoin, the company intends to build the ecosystem and institutionalize it.
“We are going to hold a significant balance sheet of Dogecoin over the coming months and coming years,” … “we also want to build out the ecosystem. We want to institutionalize that,” he said.
Spirit added in a different statement that the acquisition included $383,000 in cash, “ETF platform technology for Dogecoin,” and an ongoing “Dogecoin payment gateway.” Meanwhile, this development comes amid a significant increase in the value of DOGE.
Advertisement
According to on-chain data, Dogecoin has surged by 22.8% in the last 24 hours to trade at $0.33. The coin has been one of the major beneficiary of the recent market surge triggered by the just concluded U.S. elections that saw victory from Donald Trump. Also, DOGE has skyrocketed by 110% over the last seven days.
Source: CoinMarketCap
Recall that one of the prominent vocal supporters of Trump is Elon Musk, who has a long history with Dogecoin. In fact, recently, he proposed a Department of Governmental Efficiency (D.O.G.E.) which also contributed to triggering the price of the asset to rally. Ultimately, at the time of writing, DOGE’s market cap has crossed $48 billion.
Read Also: Elon Musk Triumphs as $258 Billion Dogecoin Lawsuit is Dismissed
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.