Thumzup Media has loaned US$2.5 million to DogeHash Technologies, a company that specializes in mining Dogecoin.
According to the announcement, Thumzup is supporting DogeHash Technologies in expanding its fleet of crypto miners by 500 ASIC mining rigs. This addition will bump DogeHash’s fleet to 4,000 crypto mining rigs by the end of this year.
Thumbzup stock jump by 3.80%
Thumzup Media’s stock, with the ticker TZUP, has jumped by 3.80% based on data from Yahoo Finance. The stock closed trading today at US$5.19 and has a year-to-date (YTD) return of 45.77%. TZUP began trading on the Nasdaq exchange after a successful public offering in October of last year. The Trump backed company raised US$8.2 million, pricing its shares at $5 at the time.
The CEO of Thumzup, Robert Steele, said , “We are enthusiastic about all the recent developments in the Dogecoin ecosystem and are looking forward to working with DogeHash to build a premier Doge mining company together.”
Earlier in September, Cryptopolitan reported that Thumzup Media had purchased about US $1 million in Bitcoin (BTC), and expressed intentions to expand its holdings in ETH, DOGE, XRP, SOL, LTC, and USDC. Thumzup also announced its plans to acquire DogeHash Technologies and operate its miners.
On September 24, Thumzup approved a US$10 million stock buyback plan, which will run until the end of next year. The digital ads company announced a similar buyback plan before, but with a US$1 million budget. It has bought back 212,432 shares of its common stock at an average price of $4.71 per share.
Currently, Thumzup holds 19.106 Bitcoins and around 7.5 million Dogecoin worth a total of ~US$4 million. The digital ads company is authorized by its board to hold cryptocurrencies worth US$250 million.
Dogecoin trades sideways
Dogecoin (DOGE) is currently trading at US$0.27. The memecoin has seen better days during the last bull run in 2021, thanks to Elon Musk’s push. At that time, DOGE, which was trading in cents, jumped to an all-time high of US$0.7316, almost touching the US$1 point.
Elon Musk continues to endorse Dogecoin. He created the Department of Government Efficiency (DOGE) with the blessings of his buddy Donald Trump. However, this move did not propel Dogecoin to reach USD$1.
At the time of writing, Dogecoin (DOGE) is down by 68.2% from its all-time high. The memecoin has a market cap of US$35.19 billion and a 24-hour trading volume of US$1.97 billion based on aggregated data from CoinGecko.
This crypto market cycle is powered by institutional money and ETFs. Around fourteen days ago, Rex-Osprey announced the listing of the first US based Dogecoin ETF, with ticker symbol DOJE, on the Cboe BZX Exchange. Other Dogecoin ETF applications from Grayscale and Bitwise are still pending. Analysts believe that Dogecoin ETFs will propel the memecoin to new highs, but the truth is that markets are unpredictable.
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