DOGE, the largest meme cryptocurrency by market cap, recorded notable volatility during Thursday’s U.S. market hours. The daily chart highlights sharp movement within the $0.218 to $0.205 range with a doji neutral body, indicating a slowdown in recovery momentum. Defying short-term uncertainty, institutional support for this memecoin continues to strengthen as Bit Origin announced a $500M treasury initiative with DOGE at its core. Is a rally to $0.25 close?
Bit Origin Becomes First Public Firm to Launch Dogecoin Treasury
Bit Origin (BTOG), a Singapore-based crypto mining company, announced a $500 million funding agreement to launch its Dogecoin treasury strategy. According to Thursday’s press release, the funding consists of $400 million in Class A ordinary shares and up to $100 million in convertible debt, marking the first publicly traded company to strategically accumulate DOGE.
The move comes as part of Bit Origin’s broader goal to become the largest institutional holder of Dogecoin. The company’s strategy is designed to deliver long-term shareholder value by increasing DOGE-per-share and also the future integration of this memecoin into payment infrastructure, such as X Money.
Bit Origin has already closed $15 million under the convertible debt facility and confirmed that a substantial portion of the proceeds will go towards the Dogecoin acquisition.
“What started as a joke has evolved into a globally liquid asset with a payments utility. Few digital assets rival Doge’s settlement speed and scale of community, which continues to drive adoption across peer-to-peer payments and online commerce,” said Jinghai Jiang, CEO and Chairman of Bit Origin.
“We hope Doge’s performance and community make it a natural fit for X Money, as Elon Musk advances his vision for X as a global super-app,” continued Jiang
Chardan acted as the placement agent for the facility, with funding support from ATW Partners.
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Dogecoin Price Heading For Major Breakout From Reversal Pattern
Since last week, the Dogecoin price has showcased a short-term sideways trend, struggling to sustain above the $0.213 resistance.
While the consolidation may seem an opportunity to recuperate the bullish momentum, the daily chart analysis also reveals the formation of an inverted head and shoulder pattern. This chart setup is commonly spotted at major market bottoms and consists of three troughs, i.e., the middle head and two shallow shoulders.
Currently trading at $0.21, this memecoin is less than 2% away from challenging the pattern’s neckline resistance at $0.215.
A successful flip of the overhead resistance into suitable support will accelerate the bullish momentum and drive a 10% price surge to challenge the key resistance trendline at $0.236.
DOGE/USDT – 1d Chart
This downsloping trendline leads the asset’s sideways trend, and buyers must breach this barrier to drive sustained recovery.
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