When Elon's Lawyer Meets Dogecoin: Why The Market Yawned

The Dogecoin community just witnessed a watershed moment—but Wall Street didn’t get the memo. CleanCore Solutions, now stewarded by Alex Spiro (Elon Musk’s personal counsel), announced the creation of the first corporate digital asset treasury backed by DOGE, yet the market response tells a different story: DOGE crawled up just 0.12% today, while CleanCore’s stock (ZONE) plummeted 50%.

The Deal Behind The Headlines

Alex Spiro has assumed the role of Chairman at CleanCore Solutions, with backing from the Dogecoin Foundation and its commercial entity, House of Doge. The private placement targets $175,000,420—a nod to the memecoin’s irreverent nature—with the Dogecoin Foundation’s Timothy Stebbing and House of Doge CEO Marco Margiotta also joining leadership positions.

It’s worth noting that Musk maintains no direct affiliation with this digital asset treasury initiative. Spiro, a go-to attorney for high-net-worth personalities, spearheads the transformation of this sanitation company into a DOGE-holding entity.

“We’re adopting a forward-looking reserve strategy that proves how public companies can embrace bold change,” CleanCore CEO Clayton Adams stated, positioning this move as a template for foundation-backed digital treasuries.

The Musk Factor In Dogecoin’s Timeline

Elon Musk’s relationship with DOGE stretches back to 2021, when his vocal support catapulted the memecoin to a $75 billion peak. His SNL appearance that year—where he called DOGE “a hustle” before pivoting to “To the Moon!”—became crypto folklore.

After the SNL buzz faded, Musk’s DOGE enthusiasm resurfaced when he co-founded the Department of Government Efficiency (D.O.G.E.) in January 2025. The acronym itself seemed cosmically aligned with the memecoin. DOGE subsequently recovered to $0.46 in December 2024, valuing the coin at $46 billion—still far below its 2021 zenith.

Where DOGE Stands Now

Current data paints a mixed picture for Dogecoin. The token trades at $0.13, reflecting a 5.40% decline over the past seven days, though it remains up over 100% since September 2024. Its flowing market cap sits at $22.15B, positioning it as a persistent force in the digital asset ecosystem despite the recent weekly pullback.

The CleanCore announcement, slated to close this week, represents an unconventional intersection of corporate governance and cryptocurrency culture—yet the market’s muted response suggests investors remain cautious about translating Dogecoin hype into tangible business fundamentals.