Dogecoin Price Declines 2.33% Amid Bit Origin’s $500 Million Treasury Announcement
Analysts suggest Dogecoin's price may rise despite a recent drop of 2.33%, now trading at $0.2312. Key events include:
- Bit Origin, a Singapore-based company, raised $500 million to create a Dogecoin treasury.
- The investment comprises $400 million in Class A shares and $100 million in convertible debt.
- This initiative aims to support long-term DOGE network activity and hedging with Layer-1 reserves.
- Following the announcement, DOGE's price increased by 19% to $0.212 before reaching $0.28, outperforming other cryptocurrencies.
- Current trading is around $0.21, with potential resistance at $0.26 and $0.29, while support is noted at $0.21.
- A bullish phase could target $0.44 if selling pressure decreases.
Dogecoin Price Chart | Source: TradingView
If DOGE falls below its 20-day moving average, it may remain in its current range.