Canine-themed meme coin Dogecoin may be about to surprise everyone with a massive price rebound.
By Godfrey Benjamin
Editor Julia Sakovich
Updated
3 mins read
Analysts and market watchers believe that the price of Dogecoin DOGE $0.24 24h volatility: 2.6% Market cap: $35.33 B Vol. 24h: $9.99 B , the popular dog-themed cryptocurrency, is poised to reach a new high. This is not the current reality, especially since the price of the memecoin has recently dropped. According to CoinMarketCap data, DOGE has plunged by 2.33% within the last 24 hours and is currently trading at $0.2312.
Over the last few days, Dogecoin has garnered significant attention, primarily due to Bit Origin’s strategic investments. The Singapore-based pork processing and Bitcoin BTC $117 425 24h volatility: 0.1% Market cap: $2.34 T Vol. 24h: $87.74 B mining company raised $500 million to launch a Dogecoin treasury.
The $500 million capital injection consisted of $400 million in Class A ordinary shares and $100 million in convertible debt from accredited investors. This was all part of a “multi-phase DOGE monetization strategy” to support long-term network activity and hedging through Layer-1 memecoin reserves.
The news of Bit Origin’s Dogecoin treasury attracted some gains to the memecoin at the time. The price of the coin rose to $0.212, with a notable 19% increase over six days, as indicated by a visible green-boxed rally. Again, Bit Origin acquired over 40 million DOGE tokens and introduced the DOGE-Per-Share metric of 0.691 for shareholders a few days ago.
Notably, this singular action caused the digital asset to increase by 7% to reach $0.28 earlier this week. At this level, it outperformed its counterparts like Cardano ADA $0.82 24h volatility: 1.5% Market cap: $29.63 B Vol. 24h: $1.27 B , Solana SOL $185.7 24h volatility: 2.2% Market cap: $99.92 B Vol. 24h: $17.00 B , and other top-20 cryptocurrencies. DOGE has now gone back to trading around its 20-day moving average at $0.21.
Buyers are now attempting to initiate a rebound, but there is a possibility that they may encounter resistance at $0.26 and $0.29. If there is a decrease in selling pressure, a new bullish phase may just be on the horizon. Then, the coin’s next target could be $0.44.
Dogecoin Price Chart | Source: TradingView
If the memecoin returns below this moving average, DOGE may remain within its current range, with support at $0.21.
DOGE is not the only digital asset currently commanding some attention as it may have Bitcoin Hyper (HYPER) to contend with. The BTC Hyper project’s presale is presently ongoing, offering investors a promising Layer 2 solution for BTC.
The BTC HYPER protocol is designed to enhance transaction speeds and reduce costs while leveraging Bitcoin’s security. As a sign of its massive adoption, this project has secured more than $4.8 million from early adopters.
Current Presale Stats:
Current Price: $0.0124
Amount Raised So Far: $4.8 million
Ticker: HYPER
Participation in the presale can be done via ETH ETH $3 719 24h volatility: 1.7% Market cap: $448.80 B Vol. 24h: $45.85 B , BNB BNB $782.5 24h volatility: 2.3% Market cap: $109.02 B Vol. 24h: $1.99 B , USDT USDT $1.00 24h volatility: 0.0% Market cap: $163.05 B Vol. 24h: $165.53 B , or credit card directly on the official Bitcoin Hyper website. Investors seeking new opportunities for excitement can participate in the presale.
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.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.