Bit Origin Secures $500M to Launch Dogecoin Treasury
The Dogecoin (DOGE) network is experiencing a surge in bullish activities, following the recent price jump of Ethereum (ETH) above $3.4k. The Dogecoin’s Futures Open Interest (OI) has reached its highest level since early February 2025, standing at approximately $3.19 billion. This increase in OI indicates a renewed interest from speculative traders in the market.
The funding rate for Dogecoin has also seen a significant positive growth, with the average daily funding rate surpassing levels seen in the second week of May. This uptick in funding rates has contributed to a rise in Dogecoin’s price towards 25 cents. Historically, positive funding rates are often associated with bullish sentiment in the market.
Institutional investors are increasingly adopting Dogecoin, attracted by the unwavering support the memecoin receives from tech billionaire Elon Musk. Several fund managers are looking to offer spot DOGE ETFs in the United States, with Bit Origin Ltd. (NASDAQ: BTOG) recently securing $500 million in equity and debt facilities to launch a Dogecoin treasury. Bit Origin’s CEO and Chairman, Jinghai Jiang, highlighted Dogecoin’s global liquidity and utility in payments as driving factors for institutional interest.
As for the future of DOGE price, the altcoin has seen a 15% surge in the last seven days, trading at around 21 cents during the mid-North American trading session. With a fully diluted valuation of approximately $31.7 billion, Dogecoin’s daily average traded volume has increased by over 71% to reach around $3.67 billion.
From a technical analysis perspective, DOGE price has broken out of a falling logarithmic trend that has been in place since the beginning of 2025. The bullish sentiment for Dogecoin is further supported by the daily Relative Strength Index (RSI) approaching the 70 level, along with the MACD line crossing above the zero line, indicating a shift in favor of the bulls.
Overall, the Dogecoin network is witnessing increased interest from both speculative traders and institutional investors, with positive momentum in price and market indicators pointing towards a potential continuation of the bullish trend.
