Dogecoin rallied 7% to $0.28 following Bit Origin’s disclosure of purchasing 40.5 million DOGE tokens at $0.2466 average cost as part of its new Treasury Strategy backed by $500 million capital facility.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
3 mins read
Dogecoin BTC $118 307 24h volatility: 0.4% Market cap: $2.35 T Vol. 24h: $42.03 B surged 7% to reach $0.28 on Monday, July 21, outperforming Cardano, Solana, and other top-20 cryptocurrencies. The rally came after Bit Origin Ltd (NASDAQ: BTOG), a Singapore-based digital asset firm, disclosed the acquisition of 40.5 million DOGE to seed its newly launched Treasury Strategy, backed by a $500 million capital facility.
According to Bit Origin’s official statement, the DOGE purchase was executed at an average cost of $0.2466 per token, bringing its total holdings to over 40 million DOGE. The firm also introduced a new metric, DOGE-Per-Share (DPS), calculated at approximately 0.691 based on its Class A and B shares outstanding.
Bit Origin Announces 40 million DOGE Purchase | Source: SEC.gov
In the official documents filed with the US Securities and Exchange Commission (SEC) on Monday, Jinghai Jiang, CEO and Chairman of Bit Origin, emphasized the growing utility of Dogecoin for micropayments as a key long-term bullish catalyst.
“We see Dogecoin’s utility potential nearing an inflection point. Its cultural familiarity and liquidity, when combined with renewed developer activity, could support a shift toward institutional-grade use cases.” – Jinghai Jiang, CEO and Chairman of Bit Origin, July 21.
The acquisition is Bit Origin’s first under its proposed $500 million digital asset treasury initiative announced last week, a diversification strategy meant to leverage both mining experience and on-chain capital deployment. Bit Origin’s move into treasury-backed DOGE positions aligns with other prominent US-based firms including Strategy (Formerly Microstrategy), Metaplanet and SOL Strategies, in carrying sizeable crypto holdings on balance sheet.
Amid market reactions to the Bit Origin’s DOGE purchase announcement, technical analyst and crypto trader has hinted that Dogecoin’s latest price breakout could trigger another 30% run.
“Dogecoin broke out from a resistance level and closed above it on the daily chart,” Alan said, pointing to Relative Strength Index (RSI) momentum and price confirmation.
#Dogecoin broke out from a resistance level and closed above it on the daily chart. The RSI shows no bearish divergence, creating a higher high on both RSI and $Doge, indicating this breakout is legitimate in terms of momentum.
However, the RSI has entered the overbought zone. A… pic.twitter.com/yW3HClYApo
— Trader Tardigrade (@TATrader_Alan) July 21, 2025
Alan notes that while the RSI has entered overbought territory, there’s no bearish divergence. As seen in the chart above, both DOGE price and RSI trends have recently printed higher highs, signaling strength rather than exhaustion.
He added that a short-term pullback toward the $0.25 zone would be healthy and could offer re-entry before the next leg toward $0.31 and potentially $0.42.
The projected $0.42 target represents a potential 50% upside from current levels, aligning with positive sentiment around institutional inflows from Bit Origin. If DOGE maintains price action above $0.26 support this week, it could confirm a decisive move towards $0.31.
As Dogecoin surges on institutional accumulation and bullish forecasts, traders are eyeing new opportunities in the memecoin markets. Solaxy ($SOLX), the first Layer-2 built on Solana has drawn considerable attention in recent weeks.
Solaxy Presale
With over 70% staking rewards, multi-chain compatibility, and native Solana infrastructure, Solaxy offers early exposure to a utility-backed meme coin. Visit the official Solaxy website to join the presale and secure your SOLX allocation before the next price tier.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
