Dogecoin gets a new reserve and a leadership change as CleanCore unveils the initiative, appointing Elon Musk's legal representative as chairman.
In a significant move towards institutional adoption of Dogecoin, CleanCore Solutions has announced plans to establish a Dogecoin Reserve, raising $175 million in funds. The new reserve, backed by the Dogecoin Foundation and its commercial arm, the House of Doge, will be overseen by House of Doge's CEO, Marco Margiotta, who will serve as CleanCore's future Chief Investment Officer.
The funds were raised through the private sale of 175 million Pre-Funded Warrants at $1 each. More than 80 investors, including Pantera, GSR, FalconX, MOZAYYX, and Borderless, participated in this round. The Dogecoin Foundation's director, Timothy Stebbing, will also join CleanCore's board as a new member.
The Dogecoin Reserve is intended to be a step towards increased real-world utility for Dogecoin. Plans for the reserves include exploring rewards such as staking and expanding retail integration.
However, the announcement has had a notable impact on the market. Dogecoin's price currently trades around $0.21, up less than 1%. Meanwhile, CleanCore shares plunged by 59% after the announcement. Bloomberg analyst Eric Balchunas pointed out this decline, while Elon Musk's lawyer, Alex Spiro, has been named Chairman of the Board of Directors at CleanCore.
In a separate development, ZONE shares are currently trading around $3.38, down 50%, despite a 200% increase in the past six months and 165% since the beginning of the year.
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