DOGE bounces off key support as CleanCore Solutions secures $175 million for Dogecoin treasury

Dogecoin (DOGE) bounced off the $0.210 support following CleanCore Solutions' (ZONE) announcement of a $175 million private placement to establish the first official treasury for the meme coin, in collaboration with the Dogecoin Foundation and the House of Doge.

CleanCore unveils $175 million DOGE treasury plan

NYSE-listed CleanCore Solutions is set to establish a Dogecoin treasury after raising $175 million from a private placement, according to a statement on Tuesday.

The funding round included participation from institutional and crypto-focused investors such as Pantera, FalconX, GSR, Borderless, and MOZAYYX, alongside other investors.

The company claims the initiative will establish the only official Dogecoin treasury, backed by the Dogecoin Foundation and the House of Doge, the authorized commercial arm of the foundation.

The offering is anticipated to close on September 4, pending standard conditions, including the approval of "the Supplemental Listing Application by NYSE American."

Following the close, the company intends to use net proceeds to purchase DOGE, making the cryptocurrency its primary treasury reserve asset.

"By anchoring Dogecoin with an official foundation-backed treasury strategy, we're setting a precedent for how public companies can align with foundations to build real utility around digital currency, while honoring the community," said Marco Margiotta, Chief Executive Officer of the House of Doge, in the press release.

Following the close, Timothy Stebbing, Director at the Dogecoin Foundation and CTO of House of Doge and Marco Margiott will join CleanCore's board as Director and Chief Investment Officer, respectively, alongside Chairman Alex Spiro.

The development confirms a Fortune report on Friday, which hinted that Alex Spiro, attorney to Tesla CEO Elon Musk, is set to chair a new public company seeking to raise $200 million for a Dogecoin treasury.

Prior to CleanCore, a few companies had announced plans for a Dogecoin-focused treasury.

Bitcoin miner Bit Origin revealed it purchased 40.5 million Dogecoin in July, marking its first treasury acquisition under a digital asset initiative funded through a share sale and debt offering targeting $500 million.

Canada-based blockchain company Neptune also stated in February that it acquired 1 million DOGE through a derivative purchase in December.

DOGE is changing hands at $0.214 at the time of publication after bouncing off the $0.210 support. If bulls hold this support level, the top memecoin could test a descending trendline resistance extending from July 21.

However, a decline below $0.210 could push DOGE toward the $0.180 key level.

DOGE/USDT daily chart

The Relative Strength Index (RSI) is hovering near its neutral level while the Stochastic Oscillator (Stoch) is range-bound around its oversold region line, indicating a slightly dominant bearish momentum.