Dogecoin Soars 11% as Bit Origin Bets $500M on Meme Coin Reserves

Dogecoin posted an 11% surge in 24 hours, powered by institutional moves, bullish chart signals, and growing altcoin momentum.

The rally comes amid a broader market shift away from Bitcoin dominance, with DOGE emerging as a standout performer.

Bit Origin announces $500M Dogecoin reserve strategy

The primary catalyst came from Bit Origin (Nasdaq: BTOG), which unveiled plans to build a $500 million Dogecoin treasury. The strategy includes raising $400 million in equity and $100 million in convertible debt, positioning DOGE as a core reserve asset—mirroring MicroStrategy’s approach with Bitcoin. This marks the first instance of a U.S.-listed public company declaring Dogecoin as a treasury holding, fueling confidence in its long-term institutional role.

Technical breakout targets $0.33

On the technical side, DOGE broke out of a descending broadening wedge pattern on July 18. According to trader Tardigrade, the breakout above $0.21 sets the stage for potential moves to $0.25 and $0.33. Key indicators include an RSI of 72.04—strong but not yet overheated—and rising MACD momentum at +0.0048.

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Altcoins gain ground as Bitcoin dominance fades

The altcoin market showed broad strength, with the Altcoin Season Index jumping to 47/100 and Bitcoin dominance sliding to 60.86%—down 1.3% this week. DOGE’s ratio against BTC also climbed 8.2%, highlighting meme coin resilience during sector rotation.

While DOGE eyes $0.25 as its next resistance, its ability to maintain momentum may hinge on Bitcoin’s behavior near the $120K mark.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.