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- Thumzup injects $2.5M into DogeHash, boosting mining capacity to 4,000+ ASIC units.
- DOGE mining difficulty hits all-time highs, increasing competition.
- Analysts predict potential DOGE rally, with targets up to $1+.
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Thumzup, the investment firm partially owned by Donald Trump Jr., has injected $2.5 million into DogeHash as it gears up for a major expansion in Dogecoin (DOGE) mining. The funding will allow DogeHash to deploy more than 500 new ASIC miners, growing its total fleet to over 4,000 units by the end of the year. This move comes ahead of Thumzup’s planned acquisition of DogeHash, signaling a clear push into the growing digital asset market.
Strategic Moves in Crypto Mining
This investment is part of Thumzup’s broader pivot toward cryptocurrencies. In June, the company approved a plan to add at least six new cryptocurrencies to its reserves beyond Bitcoin, following a $50 million stock offering aimed at funding mining infrastructure. Recent initiatives, including Dogecoin treasury purchases and the launch of a Crypto Advisory Board, further demonstrate Thumzup’s commitment to becoming a key player in the digital asset space.
The timing aligns with increased competition in Dogecoin mining. Data from BitInfoCharts shows that mining difficulty hit an all-time high in September, reflecting stronger hash power and heightened participation among miners. By boosting DogeHash’s capacity, Thumzup positions itself to capitalize on any potential price surges while strengthening its operational competitiveness.
Dogecoin Price Outlook
DOGE, currently the ninth-largest cryptocurrency by market cap, traded at around $0.23 at press time, down 68% from its all-time high. Despite this, analysts remain bullish. Technical indicators suggest DOGE may break out of its ascending triangle pattern, potentially climbing to $0.48 in the near term.
Some analysts predict even higher gains, with historic patterns hinting at a potential 800% rally. If these trends hold, Dogecoin could reach the $1 mark or more, attracting both retail and institutional attention. The combination of network expansion and rising mining efficiency gives Thumzup a strategic advantage should these bullish forecasts materialize.
Thumzup’s $2.5 million capital infusion into DogeHash highlights the growing institutional interest in Dogecoin mining. By expanding mining capacity and aligning with bullish price predictions, Thumzup positions itself for a potentially transformative role in the cryptocurrency space. The coming months will be crucial in determining whether DOGE can sustain its upward trajectory and deliver strong returns for investors.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Dogecoin Whales Buy 2B DOGE as ETF Odds Hit 99%, Analysts Eye $1.30 Rally
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
