Dogecoin Soars 71% as China’s Bit Origin Drops $9.9M—Meme Coin Mania Returns?

Dogecoin rockets past skeptics with a 71% surge—fueled by a single $9.9 million buy from China’s Bit Origin. Proof that even memes have institutional suitors now.

When ‘dumb money’ talks. The Shanghai-based firm’s play follows a classic crypto script: throw capital at the joke asset, watch retail FOMO do the rest. Will the pump hold? Unlikely. But for now, the dogs are barking.

Bonus jab: Nothing says ‘serious investment’ like a mining company dumping millions into an asset originally created to mock crypto. To the moon—or the bargain bin.

Will DOGE Continue Its Rally?

Over the last two weeks, the cryptocurrency market witnessed one of its most significant rallies in recent times. Bitcoin (BTC) and XRP have hit new all-time highs. Most other altcoins also registered big gains. The global crypto market cap also breached the $4 trillion mark for the very first time last week. DOGE and other memecoin also followed the market upswing.

DOGE’s rally may have been due to the general bullish market environment. Bit Origin’s $9.9 million DOGE purchase may have further boosted investor sentiment. The purchase is part of the company’s digital asset treasury strategy.

Dogecoin (DOGE) could continue to rise over the coming days if investor sentiment remains strong. BTC’s fear and greed sentiment is still pointing towards “Greed.” The bullish outlook could take DOGE to the $0.30 mark.

There is also a possibility that the market will face a correction as investors book profits. BTC registered a dip on Tuesday, July 22, after market participants began to take out profits. DOGE could see a further price dip if fresh volatility enters the market.

How the crypto market moves over the next few days is very uncertain. Many analysts have highlighted a supply gap for BTC around $110,000. There is a possibility that the original cryptocurrency will fall to the $110,000 mark over the coming days. BTC slipping to $110,000 could trigger a market-wide sell-off. Such a scenario could hamper Dogecoin’s recent rise. The memecoin could fall below $0.20 if BTC registered a downtrend.