Dogecoin News Today: Bit Origin Announces $500 Million Dogecoin Treasury Plan, Sparking 160% Rally

Bit Origin, a Nasdaq-listed mining firm, has announced a significant shift in its strategy by pivoting to Dogecoin with a bold $500 million crypto treasury plan. This initiative involves raising $500 million, which includes $400 million in equity and $100 million in convertible debt, aimed at supporting large-scale Dogecoin acquisitions. The company has already secured $15 million of that debt, with a portion allocated for its initial Dogecoin purchases.

This announcement has sparked optimism across the Dogecoin market, with traders and analysts anticipating a potential "parabolic" rally. The news has not only triggered a rally in Bit Origin's shares but has also fueled excitement among Dogecoin investors. The corporate buying pressure comes at a time when Dogecoin's chart is forming a bullish technical setup. According to crypto analyst Captain Faibik, Dogecoin is on the verge of breaking out from a long-term falling wedge pattern on the 2-day chart, a formation known for its bullish implications.

Faibik's analysis suggests that a successful breakout could send Dogecoin soaring by over 161%, targeting the $0.63 level from its current $0.24 price zone. Currently trading around $0.238, Dogecoin appears to be breaking out from a multi-month falling wedge. Measuring the vertical distance from the wedge’s widest point ($0.30 to $0.10 = $0.20) and projecting upward from the breakout yields a near-term target of approximately $0.44. This aligns with the top edge of the wedge on Faibik’s 2-day chart. Should momentum continue, a more ambitious target sits around $0.63, calculated by adding the full wedge height ($0.20) to the breakout point ($0.43), a potential 160% upside from current levels.

The MACD indicator shows that the MACD line has crossed above the signal line, while the CMF is at 0.15, indicating positive capital inflows into Dogecoin. The BoP is reading 0.61, suggesting bullish dominance while RSI has also entered the overbought territory. However, if Dogecoin fails the breakout and falls back into the wedge, strong support lies near the rising trendline around the $0.16–$0.18 price zone.

In summary, Bit Origin's $500 million corporate Dogecoin treasury plan has ignited a rally in the Dogecoin market. The technical analysis by Captain Faibik suggests a potential parabolic rally for Dogecoin, with key price targets of $0.44 and $0.63. The positive technical indicators and strong support levels further bolster the optimism surrounding Dogecoin's price movement. This development marks a significant milestone as it is the first instance of a U.S. public company adopting Dogecoin as a treasury asset, setting a precedent for other corporations to follow suit.