A company backed by the President is making a pivot toward the top memecoin Dogecoin after purchasing a company dedicated to mining DOGE.
According to a new press release by Thumzup (TZUP) – a company backed by the Trump family – the firm will be acquiring Dogehash Technologies with the aim of becoming the largest DOGE mining firm in the world.
Thumzup will purchase Dogehash in an all-stock transaction and will utilize decentralized finance (DeFi) protocols such as staking to amplify rewards for miners, as well as mining Litecoin (LTC).
The transaction is expected to conclude at the end of 2025 and will see Dogehash shareholders exchange all of their holdings for 30.7 million shares of Thumzup stock, trading under a new ticker name, XDOG.
As stated by Robert Steele, chief executive of Thumzup, in the press release,
“This accelerates our evolution from a digital marketing platform into a diversified digital asset infrastructure and treasury company. Dogehash brings world class mining expertise, low cost renewable power and access to cutting edge Scrypt miners.
Our vision is not only to mine Dogecoin and Litecoin efficiently but also to explore utility driven use cases that leverage Dogecoin’s fast settlement and low fees for everyday payments and rewards.”
Scrypt miners are mining devices that use the Scrypt hashing algorithm to validate transactions, which are used on the Litecoin and Dogecoin networks.
DOGE is trading for $0.215 at time of writing, a fractional increase during the last 24 hours while TZUP is valued at $5.14, a gain of 2.6% on the day.
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