Dogecoin Surges 34% in a Week Following Bit Origin’s $500M Announcement
Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has surged 34% over the past week, capturing the attention of both traders and long-term investors. The price rally began gaining momentum after Nasdaq-listed Bit Origin announced on 17 July its plans to establish a massive US$500 million reserve of Dogecoin.
The New York-based company disclosed that it had already secured an initial US$15 million in funding to begin its first round of purchases. This move sparked widespread speculation regarding potential corporate adoption and significant supply absorption, triggering bullish sentiment across the market.
By Monday (21 July), DOGE had broken above a crucial resistance level of US$0.25 — a price ceiling that had held firm since May 2025. The technical breakout marked a pivotal moment for the digital asset, coinciding with broader enthusiasm in the altcoin space.
Technical Patterns Reflect 2024 Rally Setup
From a technical perspective, Dogecoin has broken out of a rising wedge pattern — eerily similar to the setup seen in late 2024, which eventually led to a jaw-dropping 260% rally. That historical comparison has added fuel to the current optimism, especially among chart-savvy traders.
Volume has also played a major role in confirming the strength of this move. Daily trading volume spiked by 35.76% to reach US$6.14 billion, underlining the high level of interest and market participation during the price surge.
However, not all indicators are flashing green. The 7-day Relative Strength Index (RSI) has soared to an overheated 94.64, signalling extremely overbought conditions. Historically, such elevated RSI levels are often followed by a short-term pullback, typically in the range of 10–15%.
What's Next for DOGE?
Despite the risk of a minor correction, many analysts remain optimistic about Dogecoin’s mid- to long-term prospects, particularly if Bit Origin’s reserve-building mission gains traction and inspires similar moves from other institutional players.
As DOGE continues to evolve from a meme coin to a more broadly adopted digital asset, developments like these highlight its growing relevance in the crypto ecosystem. For now, all eyes are on how the market digests the recent price movement — and whether DOGE can maintain its momentum beyond the hype.
Stay tuned as we follow this developing story.
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