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Thumzup Media invests $2 million in Dogecoin treasure!
Thumzup Media bolsters its Dogecoin treasury with 7.5 million DOGE for $2 million and plans strategic expansion.
Thumzup Media invests $2 million in Dogecoin treasure!
Thumzup Media recently made a significant move in the crypto world by acquiring 7.5 million DOGE for around $2 million. This purchase, disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) announced on September 17, 2023, is designed to strengthen Thumzup's Dogecoin treasury. The average price per DOGE was USD 0.2665, which clearly underlines the company's growth strategy, which increasingly focuses on cryptocurrencies.
As part of its comprehensive strategy, Thumzup Media plans not only to accumulate Dogecoin, but also to expand in the mining sector. In August 2023, the company had already raised $50 million through a stock offering to acquire digital assets as well as DOGE mining equipment. Particularly eye-catching is the planned acquisition of DogeHash, a mining operation that has 2,500 high-performance rigs. In addition, an additional 1,000 rigs are expected to be installed during the year to increase production capacity.
Expansion of the advisory board
In order to implement the strategic goals even better, Thumzup Media has strengthened its advisory board. The new members include Jordan Jefferson, CEO of DogeOS, and Alex Hoffman, Head of Ecosystem at DogeOS. These additions bring valuable experience in Dogecoin infrastructure, decentralized wallets, and Layer Two scaling. Their expertise will help the company compete in the increasingly competitive crypto market.
Dogecoin is now a significant part of Thumzup Media's crypto portfolio, which also includes Bitcoin, Ethereum, Solana, XRP and Litecoin. The growing importance of DOGE is also reflected in the efforts of other companies: CleanCore Solutions exceeded the 500 million DOGE mark last week and has set itself the ambitious goal of reaching one billion DOGE. At the same time, Bit Origin plans to significantly invest its corporate reserves in DOGE.
Market development and ETF plans
Dogecoin's market position is also reflected in the current trading situation. DOGE is trading near $0.27 and has seen an increase of about 4.78% in the last 24 hours. This brings the weekly performance to around 12% and the monthly to almost 18%. This positive development could be supported by the upcoming launch of the REX-Osprey Dogecoin ETF (DOJE), which is currently awaiting regulatory approvals and is expected to launch in the coming days.
Overall, Thumzup Media is seeing a growing focus on Dogecoin, as evidenced by their investments and strategic plans. With a clear growth path and a diversified investment strategy, the company is positioning itself for future success in the crypto world. For more information about the latest developments at Thumzup Media, read more on Crypto News.