CleanCore Solutions Inc. (NYSE American: ZONE), an established cleaning and disinfection company, announced its acquisition of Dogecoin (DOGE) for its strategic reserve. According to the announcement, CleanCore Solution purchased 285,420,000 Dogecoin, which is valued at about $68 million.
The company announced that it is planning to increase its DOGE holding to 1 billion coins in the next 30 days. As a result, CleanCore has become the largest Dogecoin digital asset treasury company in less than a week.
“Our treasury strategy is aligned with the forward-looking vision of House of Doge, where increased utility is expected to translate into broader adoption, making Dogecoin more in demand as a global digital asset,” Marco Margiotta, who is the Chief Investment Officer of CleanCore and Chief Executive Officer of House of Doge noted.
The demand for Dogecoin by institutional investors has surged significantly in the recent past. According to on-chain data analysis, Dogecoin whales purchased over 240 million DOGE units during the past 24 hours.
The notable demand for DOGE by institutional investors is partially influenced by the unwavering support from tech billionaire Elon Musk. Moreover, several fund managers – led by Bitwise Asset Management, Grayscale Investments, 21Shares, and REX Shares in conjunction with Osprey Funds – have already filed for spot DOGE ETFs with the U.S. SEC.
Dogecoin price has attempted to regain bullish sentiment in the past few days after a prolonged bearish outlook. The large-cap memecoin, with a fully diluted valuation of about $36.2 billion and a reported 24-hour average trading volume of around $3.5 billion, surged over 7% to trade at about $0.24 on Monday, September 8, during the late North American session.
From a technical analysis standpoint, the DOGE price is well-positioned to rally towards its all-time high after it recently broke out of a macro-falling trend.
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