Elon Musk's Legal Advisor Proposes $200 Million Dogecoin Chest Fund Scheme

In a significant development for the memecoin, Dogecoin is gearing up to enter the public markets with a digital asset treasury (DAT) aiming to raise at least $200 million. The move marks Dogecoin's most serious institutional step yet.

The Dogecoin treasury, tied to House of Doge – the corporate entity launched by the Dogecoin Foundation earlier this year in Miami – is gaining traction with major backers. This new chapter in Dogecoin's evolution could set a precedent for corporate DOGE holdings, giving the memecoin institutional recognition similar to MicroStrategy and Tesla holding Bitcoin.

Alex Spiro, Elon Musk's long-time lawyer, has been announced as chairman to represent the new Dogecoin treasury company backed by the House of Doge. Spiro's leadership brings significant legal and financial weight to the initiative, adding serious credibility to Dogecoin's institutional push.

Spiro's reputation as a seasoned lawyer is well-established, having represented high-profile clients such as Musk, Jay-Z, and Alec Baldwin. He recently defended Musk in a Dogecoin investor lawsuit accusing him of market manipulation, which was ultimately dismissed.

Elon Musk's influence on Dogecoin remains undeniable, as Dogecoin has often spiked whenever Musk mentioned it. Musk's long-standing influence on Dogecoin makes his shadow presence hard to ignore. However, it's important to note that Spiro is not directly involved in the Dogecoin treasury, but his association with Musk lends a sense of familiarity and trust to the initiative.

The Dogecoin digital asset treasury (DAT) is designed to institutionalize Dogecoin and attract traditional investors. House of Doge is positioned as the "official" Dogecoin vehicle, aiming to add legitimacy to the memecoin.

Despite the subdued market response, Dogecoin's loyal community remains steadfast. The Dogecoin market responded with a 2% slip in price over the past 24 hours, with DOGE currently trading at $0.2761, giving the memecoin a market cap of $32.81 billion.

This trend of companies adding crypto assets to their balance sheets is not new. More than 180 public companies have adopted Bitcoin, Ethereum, and Solana as part of their corporate treasuries. This move by Dogecoin could be seen as a response to this broader trend, positioning Dogecoin alongside established players in the crypto space.

History shows that whenever Elon Musk's indirect involvement surfaces, DOGE rallies often follow when least expected. As the Dogecoin treasury initiative unfolds, it remains to be seen how the market will react in the coming days.

In conclusion, the Dogecoin treasury initiative, backed by the House of Doge and led by Alex Spiro, represents a significant step for Dogecoin in its journey towards institutional recognition. As the initiative gains traction, it will be interesting to observe how traditional investors respond and how the Dogecoin market reacts.

Elon Musk's Legal Advisor Proposes $200 Million Dogecoin Chest Fund Scheme