Dogecoin’s price has spiked more than 5% a day after the launch of the Official Dogecoin Reserve.

On March 24, the Dogecoin Foundation’s corporate arm, House of Doge, announced the launch of an Official Dogecoin Reserve. The Reserve’s first purchase is worth approximately $1.8 million in 10 million DOGE tokens.

House of Doge said the Reserve’s launch is a step in the group’s strategy to make DOGE “a fast and reliable payment option” everywhere. It will announce its first strategic partnerships in the coming months to demonstrate DOGE’s real-world payment utility.

House of Doge’s member of the board-elect, Michael Galloro, said, “By maintaining a reserve, we can bridge the gap between transaction processing times and real-world usability, making Dogecoin extremely practical for everyday purchases.”

Notably, President Donald Trump signed an executive order on March 6 to create a Strategic Bitcoin Reserve. The meme coin, launched to parody Bitcoin , is trying to follow suit in order to establish itself as a mainstream payment option that it has failed to do so far.

DOGE’s price rallied more than 5% within the last 24 hours and was trading at $0.1922 at press time, as per Kraken’s price feeds .

Around 8.50 billion DOGE coins worth $1.62 billion have been traded within the last 24 hours.

As the meme coin surged $28.47 billion in market capitalization, DOGE surpassed Cardano (ADA) to emerge as the 8th largest cryptocurrency. ADA had a market cap of $26.56 billion at press time.

Nonetheless, DOGE’s current price is still 75% lower than its all-time high (ATH) of $0.7316 that it hit on May 8, 2021.