Dogecoin Is Surging Early Morning — Here's What's Driving It - Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Dogecoin (CRYPTO: DOGE) was trading higher early Wednesday after DogeHash Technologies, a DOGE-focused mining firm, secured a $2.5 million loan from a Donald Trump Jr.-backed company.

Dog-Themed Crypto Shoots Up

The world's largest meme coin was up over 6% over the last 24 hours, outgaining market heavyweights such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Speculative interest in the coin spiked, with open interest in DOGE futures surging 4.66% in the last 24 hours to $4.02 billion, according to Coinglass.

Additionally, over 80% of top traders on Binance, i.e, the top 20% users with the highest margin balance, were betting on DOGE’s price increase.

Meanwhile, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Buy” signal for DOGE, according to TradingView. In contrast, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, gave a bearish reading.

Thumzup Infuses Capital Into DOGE Mining

The spike comes after Thumzup Media Corp. (NASDAQ:TZUP) extended a $2.5 million loan to DogeHash Technologies. The funds are intended to help DogeHash increase its Dogecoin mining capacity and accelerate the deployment of next-generation Application-Specific Integrated Circuit mining machines.

The financing comes ahead of Thumzup’s pending acquisition of DogeHash. The new company will trade on the Nasdaq under the symbol “XDOG” upon closing, which is expected in the fourth quarter of 2025.

Thumzup, which expanded its cryptocurrency treasury strategy beyond BTC to include DOGE, ETH and Solana (CRYPTO: SOL), has backing from Trump Jr., who holds roughly 350,000 shares of the company.

Price Action: At the time of writing, DOGE was exchanging hands at $0.2439, up 6.07% in the last 24 hours, according to data from Benzinga Pro.

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