Dogecoin Is Trading 11% Higher Friday Morning After This Nasdaq-Listed Firm Added It To Its Treasury
Dogecoin (CRYPTO: DOGE) was trading higher early Friday morning after a Nasdaq-listed firm stated that it would establish a reserve of the dog-themed memecoin.
What happened: DOGE was up over 11% in the last 24 hours, with trading volume surging 64% to $5.56 billion.
The coin soared above $0.24 for the first time in nearly five months. The latest uptick pushed its weekly gains to 20% and monthly gains to nearly 40%.
Widely followed cryptocurrency analyst and trader Ali Martinez said that given the meme coin has crossed the key $0.20 resistance, the "next key hurdle" lies at $0.36.
DOGE's open interest jumped 25% in the last 24 hours to levels not seen since early February, according to Coinglass.
More than 70% of DOGE derivatives traders on Binance were betting on its price increase, as revealed by the Long/Short Ratio.
See Also: Forget Dogecoin, Shiba Inu: Here’s Which Coin The ‘Memecoin Supercycle’ Analyst Is Betting On Instead
Why It Matters: The rally comes after Bit Origin Ltd. (NASDAQ:BTOG) announced plans to create a Dogecoin treasury, becoming the first of its kind to designate the multi-billion-dollar memecoin as a core strategic asset.
The firm secured $400 million in equity capital and an additional $100 million in convertible debt from accredited investors, with a significant portion of the proceeds going toward DOGE purchases.
Price Action: At the time of writing, DOGE was exchanging hands at $0.2388, up 11.25% in the last 24 hours, according to data from Benzinga Pro.
Shares of Bit Origin were up 11% in pre-market trading after exploding 90% to $0.6310 in Thursday’s regular trading session. The stock has jumped over 270% in a month.
BTOG demonstrated a low momentum score as of this writing. If you are looking for high-momentum stocks for your portfolio, try exploring Benzinga Edge Stock Rankings.
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