The official Dogecoin reserve fund has been established – DOGE Foundation announces its first purchase.

The Dogecoin fund, through its newly established organizational unit, has announced the establishment of the “official Dogecoin reserve fund” with an initial purchase amount of 10 million DOGE, equivalent to approximately 1.8 million dollars at the current market price. This move is part of the strategic partnership of the fund with the commercialization organization House of Doge, which has become the official partner of the fund under a five-year agreement signed in February. According to House of Doge, this reserve serves as proof of the concept highlighting the potential of Dogecoin for seamless and efficient transactions. “The launch of the Dogecoin Reserve is a significant step in the vision of the House of Doge to make Dogecoin a fast and reliable payment option for businesses and shoppers everywhere,” the company said in a press release. This initiative includes advanced technology that allows merchants to accept Dogecoin payments instantly at the checkout, eliminating the wait time of traditional blockchain transactions and providing a level of reliability similar to that of traditional payment methods. In a post on February 21 on X, Dogecoin Fund Director Timothy Stebbing revealed that there have been discussions with officials from the U.S. government expressing interest in the adoption of Dogecoin for various payment use cases, including city parking payments and utilities.

In addition, at least three applications for the (ETF) exchange-traded fund related to Dogecoin are currently under review by the (SEC). Bloomberg analysts recently estimated the likelihood of a DOGE ETF being approved by the end of the year at 75%.