Dogecoin's Tumultuous 2025: Political Moves, Commercial Endeavors, and Market Decline
In 2025, Dogecoin experienced a significant decline, falling about 65% and erasing all gains by December 15 without setting a new all-time high. Early in the year, the Department of Government Efficiency (DOGE), led by Elon Musk, briefly boosted the price of Dogecoin when a DOGE logo appeared on the agency's website. This move coincided with legal scrutiny, and the logo was later removed. A 30-page complaint claimed that DOGE illegally operated as a federal advisory committee under the Federal Advisory Committee Act. The logo incident initially stimulated a 14% price jump, raising the market capitalization to about $58 billion before the logo's removal.
In January 2025, REX Shares filed to create a Dogecoin ETF, with analysts expecting approval by April. However, approval did not materialize as anticipated. Approximately two months later, the Dogecoin Foundation established House of Doge, allocating 10 million DOGE (about $1.83 million) to adoption initiatives.
June 2025 saw the rebranding of a former cannabis company as Dogecoin Cash, which formed Dogecoin Treasury Inc.; its telemedicine platform began accepting Dogecoin several months afterward. In July, Thumzup diversified its treasury by acquiring DOGE and later purchased a Dogecoin mining company. Around the same time, Bit Origin invested $10 million in DOGE to build a meme-coin treasury.
September 2025 marked CleanCore Solutions as the first official DOGE treasury, with Alex Spiro named chairman. As of December 15, CleanCore Solutions held 733.1 million DOGE, valued at approximately $90 million. In October, House of Doge went public on Nasdaq through a reverse takeover by Brag House Holdings. The Dogecoin Foundation also acquired a majority stake in European soccer club U.S. Triestina Calcio 1918, applying Dogecoin branding to the team's jerseys and stadium.
Additionally, 2025 saw the launch of U.S. Dogecoin ETFs, starting with the first listing in September, followed by Grayscale's ETF in November and Bitwise shortly after.
