House of Doge starts 10M DOGE reserve to boost adoption
House of Doge, a new corporate arm of the Dogecoin Foundation, has launched the "Official Dogecoin Reserve" to promote Dogecoin’s (CRYPTO:DOGE) use as a payment currency.
The reserve started with an initial purchase of 10 million DOGE, valued at $1.8 million.
One of the primary goals of the reserve is to address issues related to slow transaction times, which have hindered cryptocurrencies from being widely adopted for everyday payments.
“By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases,” Michael Galloro, a member of the House of Doge Board-Elect, stated.
Dogecoin’s transaction processing time is already relatively fast, averaging around one minute, making it an attractive option for businesses looking for a quick and reliable payment method.
In addition to speed, Dogecoin offers a lower transaction fee compared to traditional banking and credit card methods.
The average Dogecoin transaction fee stands at 0.341 DOGE (about $0.063), making it a cost-effective option for merchants.
House of Doge also highlighted the benefits of Dogecoin’s inflationary supply model.
Unlike Bitcoin (CRYPTO:BTC), which has a fixed supply, Dogecoin adds approximately 5.2 billion new coins to circulation each year, ensuring a steady supply of liquidity suitable for daily transactions.
“With a strategic reserve, House of Doge is laying the foundation for a payments ecosystem that ensures liquidity, stability, and reliability,” Galloro emphasised.
At the time of reporting, the Dogecoin (DOGE) price was $0.1828.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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