“Creating a reserve is a step toward making Dogecoin a reliable means of payment,” stated House of Doge, the corporate arm of the Dogecoin Foundation, announcing the launch of the Official Dogecoin Reserve. The Reserve’s first purchase amounted to 10 million DOGE worth approximately $1.8 million.

As explained by Michael Galloro, elected board member of House of Doge: “By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usage, making Dogecoin convenient for everyday purchases.”

The reserve marks the first step in a strategy that includes upcoming partnerships aimed at showcasing DOGE’s utility in real-world payments.

Following the news, Dogecoin’s price jumped over 5% in 24 hours, reaching $0.1922, according to Kraken. Trading volume for the past day hit $1.62 billion.

DOGE’s market capitalization climbed to $28.47 billion, allowing it to surpass Cardano, which stood at $26.56 billion, and move into 8th place among the largest cryptocurrencies.

However, Dogecoin still trades 75% below its all-time high of $0.7316, recorded on May 8, 2021.