Elon Musk’s favorite Dogecoin had its week in the sun against the backdrop of the ‘Crypto Week’ in Capitol Hill. It soared almost 30–35% as market sentiment shifted from Bitcoin to altcoins.
Source: CoinMarketCap
A few factors could be behind this speedy surge like favourable macro & regulatory announcements, open interest in DOGE surpassing $4 billion as well as technical indicators which show a breakthrough in the key $0.23–$0.25 resistance band.
Bit Origin’s DOGE treasury plans
On July 17, Bit Origin issued a press release stating that it plans to raise $500 million through a combination of new stock issuance and convertible debt offerings to purchase Dogecoin for its corporate treasury. The Singapore-headquartered, Nasdaq-listed nanocap company stated it would become the first company on a major U.S. stock exchange to adopt Dogecoin as its primary treasury asset. The company has already closed on $15 million of the debt, with a significant portion earmarked for its first round of DOGE purchases.
Technical Breakout Signals
DOGE broke through the key $0.23–$0.25 resistance band, forming bullish setups including double bottom, cup-and-handle, and ascending triangle patterns. Technical analyst Ali Martinez noted a classic double-bottom, adding that levels of $0.33 and $0.40 can become a magnet, if DOGE holds above $0.25.
On‑chain & whale accumulation
Alongside its technical momentum, Dogecoin has experienced a significant spike in whale activity, with open interest recently surpassing $4 billion. On-chain data reveals that wallets holding between 100 million and 1 billion DOGE have collectively accumulated over 1.08 billion tokens within the last 48 hours. This surge in accumulation followed DOGE’s breakout above the $0.24 mark, suggesting large holders are strategically positioning themselves.
Favorable macro factors like crypto-friendly legislation and treasury allocations, combined with Whale activity and institutional interest, have added fuel to Dogecoin’s sharp rally, positioning it as a potential breakout leader among altcoins.