Bit Origin Bets Big on DOGE : A Strong Signal ?
The Chinese company Bit Origin, active in pork processing and Bitcoin mining, has recently completed the purchase of 40.5 million Dogecoins for its crypto treasury. This massive acquisition is part of Bit Origin’s ambition to become the largest public holder of DOGE. To finance this purchase, the company raised $500 million through stock and bond sales.
This strategic investment could make Bit Origin an influential player in the Dogecoin market. By publicly displaying its ambition to dominate DOGE holdings, the firm sends a strong signal to institutional investors and the crypto markets. This type of massive accumulation by a publicly traded company is significant: it could trigger mimicry or speculation effects. In other words, Bit Origin isn’t just playing on DOGE’s value, but also on market psychology.
Dogecoin Ready for a Breakout ?
After fluctuating between $0.14 and $0.29 in recent days, Dogecoin is currently trading around its 20-day moving average at $0.21. Buyers are attempting to initiate a rebound, but will face key resistance levels at $0.26 and $0.29.
A close above the 20-day moving average could signal a decrease in selling pressure. This would pave the way for a new bullish phase, with a target of $0.44. Conversely, a return below this moving average risks keeping DOGE in its current range, with support at $0.21.
Is DOGE Ready to Take Off ?
The adoption of Dogecoin by Bit Origin’s treasury could stimulate demand and propel prices upward. However, DOGE will need to successfully break through key resistance levels at $0.26 and $0.29 to initiate a new uptrend.
Investors and traders interested in Dogecoin will need to closely monitor market developments to seize trading opportunities as they arise. As always, it’s recommended to conduct your own research before making any investment decisions.
To ride the Dogecoin wave, here’s a guide to obtaining it on Bitget :
- Create a Bitget account : Visit the official Bitget website or download the mobile app. Register with your email or phone number, then complete identity verification (KYC).
- Deposit funds : Log in and access the “Deposit” section. Add fiat currencies (EUR, USD, etc.) via bank card or SEPA transfer, or transfer cryptocurrencies from your wallet.
- Buy DOGE : Navigate to the “Quick Buy” or “Spot Market” section. Select the DOGE/USDT pair, indicate the desired amount and confirm the purchase, with limit order options available.
