Dogecoin Falls Despite Bit Origin's $500M Allocation, RSI Hits Overbought Levels

Dogecoin (DOGE) has retreated nearly 7% in the past 24 hours, despite Bit Origin's $500 million DOGE treasury allocation. The decline comes after DOGE briefly touched $0.29, its highest price in over 10 months. Traders cited overbought conditions and lack of sustained buy pressure as key reasons for the retracement. DOGE is now consolidating just above the $0.26 mark.

July 02, 2025

Dogecoin (DOGE) has retreated nearly 7% in the past 24 hours, despite Bit Origin's $500 million DOGE treasury allocation. The decline comes after DOGE briefly touched $0.29, its highest price in over 10 months. Traders cited overbought conditions and lack of sustained buy pressure as key reasons for the retracement. DOGE is now consolidating just above the $0.26 mark.

The recent rally in DOGE was fueled by Bit Origin's announcement of a bold $500 million crypto treasury strategy, which includes the acquisition of a significant amount of DOGE. The company, a Nasdaq-listed mining firm, aims to raise $500 million through a combination of equity and convertible debt to support large-scale DOGE acquisitions. Bit Origin has already closed $15 million of that debt, with a portion earmarked for its initial Dogecoin purchases [1].

Analyst Captain Faibik has called for a "parabolic" DOGE rally, citing the token's breakout from a long-term falling wedge pattern. According to Faibik, a successful breakout could send DOGE soaring by over 161%, targeting the $0.63 level from its current $0.24 price zone [2]. However, the recent decline suggests that the market is currently consolidating, and traders are cautious about the sustainability of the rally.

The latest developments underscore the volatile nature of the cryptocurrency market. While Bit Origin's strategic move has injected optimism into the DOGE market, the token's price has remained sensitive to market conditions and trader sentiment. As DOGE continues to consolidate, investors and traders will be closely watching for signs of renewed buying pressure or further indications of a parabolic rally.

References:
[1] https://cryptorank.io/news/feed/87a56-dogecoin-doge-price-rally-bit-origin-500-million-corporate-treasury
[2] https://cointelegraph.com/news/bit-origin-dogecoin-crypto-treasury-pivot