- Thumzup Media Corporation steps into Dogecoin with a $2M token purchase and mining acquisition plan.
- Dogecoin price recovery challenges the seven-month resistance of a cup-and-handle pattern for a bullish breakout.
- Long wick rejection candle at $0.28 signals overhead supply against DOGE buyers.
DOGE, the popular dog-themed meme cryptocurrency, showed a slight downtick of 0.64% during Thursday’s U.S. market hours. While a majority of major cryptocurrencies built up from the bullish sentiment kicked off after the Fed rate cut, the Dogecoin price struggles at the multi-month resistance level of $0.207. While the overhead supply may create concern for retail investors, more institutions continue to showcase their interest in the Dogecoin ecosystem, highlighted by a recent announcement from Thumzup Media Corporation.
Thumzup Buys 7.5M DOGE in First Open-Market Acquisition
Thumzup Media Corporation has expanded its participation in the digital asset industry through its initial direct acquisition of Dogecoin in the open market. In the disclosure made by the company, the acquisition involved approximately 7.5 million DOGE, at an average price of $0.2665, which equated to approximately two million dollars.
The acquisition follows shortly after the company closed a capital raise of $50 million in August for $10 per share, which was to go toward cryptocurrency asset investments and mining facilities.
The time of the acquisition is in line with the expected launch of Dogecoin-based exchange-traded funds, a move that many market participants view as a springboard to institutional involvement. “Dogecoin’s increasing recognition, supported by the expected launch of DOGE ETFs, is a transformative moment for the entire digital asset landscape,” said Robert Steele, Chief Executive Officer of Thumzup.
With the addition of the treasury, Thumzup outlined additional steps for the mining aspect of the ecosystem. The firm is in the process of acquiring DogeHash, which is an operation with around 2,500 mining rigs and an additional 1,000 rigs to be implemented later this year. Should it be concluded, the transaction would increase Thumzup’s participation from token accumulation to active infrastructure investment.
The firm is also expanding leadership to enhance its strategic direction. Most recently, the company added Jordan Jefferson, the Chief Executive of DogeOS and a MyDoge leader, and Alex Hoffman, the Head of Ecosystem at DogeOS, to its Crypto Advisory Board. Their introduction is preceded by a sequence of projects that suggest that Thumzup attempts to connect to the Dogecoin network directly on several levels.
“Our recent Dogecoin accumulation, combined with our mining initiatives and treasury strategy, reinforces our commitment to supporting Dogecoin’s evolution as both a community currency and a productive digital asset,” Steele added.
Dogecoin Price Halts At Key Resistance of Bullish Pattern
Over the past two weeks, the Dogecoin price showed a high-momentum rally from $0.205 to a recent high of $0.306, accounting for a 49.85% surge. The move was fueled not only by broader optimism surrounding a potential Federal Reserve rate cut but also by mounting excitement over the anticipated introduction of a Dogecoin ETF.
However, a deeper analysis of the technical chart shows the coin price is facing overhead supply at the $0.287 level. The daily chart shows that this resistance acts as a neckline for the traditional reversal pattern called a cup and handle.
Since February 2025, the Dogecoin price has been in a sideways trend, as indicated by its chart, which reveals a long, saucer-like recovery. The Momentum Indicator RSI above the 60% mark indicates that the buying pressure is intact for a continued recovery.
Thus, a bullish breakout from the $0.87 resistance with the daily candle closing will signal a major change in the DOGE trend. The post-breakout value could push the price 52% higher to hit the $0.44 mark.
On the contrary, if the overhead supply at $0.28 persists, the Dogecoin price will prolong its ongoing consolidation.
