Trump backed crypto play: Dogecoin on Nasdaq

Welcome back, friends —

From memes to monetary policy, the crypto market is balancing on a tightrope.
DOGE is getting a Nasdaq debut, the SEC is rewriting the rules, and Powell’s looming speech is shaking both stocks and tokens.

Let’s break it down.

Forget Bitcoin. A Trump-backed firm is taking Dogecoin public.

The memecoin energy just made it to Wall Street and this time it has a political touch.

While most companies are busy stacking Bitcoin and Ethereum, Thumzup, a Trump-linked crypto treasury and media firm, is going full meme.

This week, the company announced it's acquiring Dogehash Technologies, a major Dogecoin mining operator, in an all-stock deal that will take the combined entity public on Nasdaq under the ticker XDOG.

Yeah, you read that right: XDOG.

🔑 The play:

• 2,500+ Dogecoin + Litecoin mining rigs

• Renewable-powered infrastructure

• Plans to build on DogeOS for staking + DeFi

• $50M raised weeks ago to fund this pivot

💬 Thumzup CEO Robert Steele says the strategy isn’t just about mining. It’s about turning Dogecoin into a serious payments layer and capitalizing on its low fees, speed, and community loyalty.

💰 Why DOGE?
Instead of following the BTC/ETH treasury trend, Thumzup is hoping the DOGE community, the Layer-2 ecosystem (DogeOS), and the pop-political edge give them enough firepower to build something sticky.

📉 But Wall Street didn’t bark back.

Thumzup shares cratered 50% after the deal was announced, as investors weighed the risks of going full meme.

Still, the firm is betting it can tap into Dogecoin’s “serious fun” energy and outmaneuver the corporate suits stacking BTC.

🧠 Zoom out:

• This is the first major DOGE-native public listing

• It could legitimize memecoins in corporate treasury strategies

• It’s backed by political capital via Trump Jr.

• It puts DOGE in the same sentence as Nasdaq

Crypto stocks just had their worst day in weeks.

After riding high on a wave of ETF approvals, IPO buzz, and regulatory wins, names like Coinbase, Circle, and Galaxy Digital suffered Tuesday as the market flipped into risk-off mode.

The spark? Fed Chair Jerome Powell’s upcoming Jackson Hole speech. Traders didn’t wait for answers, they cashed out early.

Bitcoin dropped nearly 3%, sliding back to $113,000. Ether fell even harder, losing over 5% to $4,100. But equities felt the burn even more:

• Galaxy Digital: down 10%

• Coinbase (now in the S&P 500): down 5%

• eToro, Robinhood, and Bullish: each dropped 6%+

• Circle, just days off a GENIUS Act boost: down 4.5%

The selloff spread across the ecosystem. Treasury-focused firms like Strategy and Bitmine Immersion got whacked, while DeFi Development led the red parade, plummeting 13%.

Even Wall Street felt it. The Nasdaq dropped 1.46%, chip stocks like AMD and Broadcom got clipped, and Palantir tanked 9%.

Still, some long-term narratives remain intact. Stablecoin regulation is here. Coinbase is part of the S&P. Circle just IPO’d. But as August unfolds, macro anxiety is back.

• Radiant Capital hacker turns $53M heist stash into $94.6M after timing ETH trades

• Trump says Fed Chair Jerome Powell is destroying the housing market

• Fed executive Bowman campaigns for central bank staff to own crypto

• Polkadot brings capital markets division to Wall Street

• Valantis buys $180M TVL Hyperliquid-based liquid staking platform for undisclosed price

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