Spirit Blockchain Acquires Dogecoin Holdings To Boost DOGE Adoption

Blockchain-focused firm Spirit Blockchain Capital Inc. has acquired Dogecoin Portfolio Holdings Corp. Noteworthy, the acquired firm was founded by entrepreneurs and supporters of the dog-themed memecoin Dogecoin (DOGE). The strategic move is aimed at boosting the adoption of the pioneering digital currency.

Dogecoin Transcends to Decentralized and Liquid Cryptocurrency

In more than a decade since its launch, Dogecoin has transitioned from its status as a joke to a highly decentralized and liquid cryptocurrency. It is currently supported by more than 6.7 million active addresses. The decision to acquire the organization underscores Spirit Blockchain’s support for DOGE.

It is a pivotal milestone for digital asset management company as it aligns with its strategic growth plan. Particularly, it establishes the position of Spirit Blockchain as a key player in the rapidly evolving blockchain and digital asset management sectors, particularly within the Dogecoin ecosystem.

Lewis Bateman, CEO of Spirit Blockchain Capital, acknowledged that the acquisition could bring growth opportunities to the Dogecoin ecosystem.

Furthermore, he highlighted the broader financial sector pivot towards decentralized solutions. At the core of this shift is blockchain technology and digital assets. “By acquiring Dogecoin Holdings, we are well-positioned to develop innovative financial products that will drive value for our shareholders and advance the future of decentralized finance,” Bateman added.

While not expressly stated, Spirit Blockchain may be creating a niche for itself to become the MicroStrategy for Dogecoin. This move is more strategic with growing clamor for a DOGE ETF product.

Ankr Co-Founder Backing, Institutional Adoption for the Memecoin

In addition to the news of Spirit Blockchain’s support for DOGE, Ankr co-founder Chandler Song announced that he has invested in Dogecoin Holdings. He also mentioned that he has joined Dogecoin Portfolio Holdings Corp as an advisor. Song acknowledged Dogecoin’s growth over the years.

In his opinion, the memecoin has stood out for its fair launch, true decentralization, and cultural relevance. Amid the broader crypto market rebound linked to Donald Trump’s victory in the recently conducted United States presidential election, DOGE has registered some price gains.

According to CoinMarketCap, DOGE now has a market value of $0.197, following a 2.33% price surge in the last 24 hours. Its market capitalization has seen progressive growth over time and has now reached $28.84 billion. On the flip side, DOGE trading volume is slipping gradually,  losing as much as 24.57% recently. Analysts are already speculating on the possibility of DOGE soaring to a new all-time-high.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.