Gate Research: Bit Origin Invests Approximately $10 Million in DOGE | PENGU Surges Over 20% in a Single Day

Crypto Market Overview

• BTC (-1.21% | Current price 116,984 USDT): BTC price shows a high-level oscillation pattern, currently fluctuating around $117,000. Technical analysis indicates that BTC rebounded after finding support near $116,600, but failed to break through the $118,500 resistance level multiple times, showing weakened momentum. On the daily chart, BTC remains above the 50-day moving average, with the MACD line approaching a golden cross, suggesting potential for further rebounds in the short term. On July 21, BTC ETFs saw outflows of $131 million, with ARKB accounting for $77.5 million and GBTC for $36.7 million.
• ETH (-0.90% | Current price 3,718 USDT): ETH price is oscillating at a high level near $3,800, showing short-term fatigue. Technical analysis suggests that after breaking through $3,700, ETH briefly touched the $3,800 mark but failed to further surpass the key resistance at $4,000, indicating insufficient bullish momentum. The RSI indicator is approaching 70, nearing the overbought zone, suggesting an increased risk of short-term pullback. On July 21, ETH ETFs saw inflows of $296 million, with BlackRock’s ETHA receiving $102 million and Fidelity’s FETH receiving $126 million.
• Altcoins: The market is currently in an overall uptrend. The Fear and Greed Index currently stands at 71, indicating optimistic market sentiment.
• Macro Environment: On July 21, the S&P 500 index rose 0.14% to 6,305.60 points; the Dow Jones Industrial Average fell 0.04% to 44,323.07 points; the Nasdaq index rose 0.38% to 20,974.18 points. As of July 22, 3:25 (UTC), the spot gold price per ounce was $3,390, down 0.20% in the past 24 hours.

Trending Tokens

PENGU Pudgy Penguins (+21.73%, Market Cap $2.39 billion)

According to Gate.io data, PENGU token is currently priced at $0.038, with a 24-hour increase of 21.73%. Pudgy Penguins is one of the most well-known NFT projects in the crypto space, launched in July 2021. It quickly gained popularity with its unique “chubby penguin” image and community culture. This NFT series consists of 8,888 penguins. PENGU token, as the official social token of Pudgy Penguins, is creating a new wave in the cryptocurrency world. This token, derived from a famous NFT project, represents more than just a digital asset; it embodies a vibrant community and cultural phenomenon.

Recently, Pudgy Penguins’ images have frequently appeared on globally renowned landmarks, such as Malaysia’s first LED tower and the Kuala Lumpur World Trade Center. This high-exposure marketing strategy has significantly increased brand awareness, attracting more investors and fans. Some internet celebrities have started showcasing photos of PENGU penguin figurines on social media. The continued expansion of IP influence is one of the key reasons for the recent price surge of PENGU tokens.

XRAY Raydium (+20.69%, Market Cap $940 million)

According to Gate.io data, RAY token is currently priced at $3.51, with a 24-hour increase of 20.69%. Raydium is a decentralized exchange (DEX) on Solana that uses an AMM model. Initially, it integrated Serum’s (now Openbook) order book system on Solana and set up permissionless pools, providing extensive liquidity for tokens in the Solana ecosystem and offering users a more flexible trading experience.

The rise in RAY token price is mainly due to the arrival of the altcoin season, with token increases rotating among various sectors. Raydium’s TVL has steadily grown to over $2 billion, and its market cap to TVL ratio is relatively low. Using this metric to evaluate RAY, the token price may be undervalued. This could attract more value investors, further driving the price upward.

KAS Kaspa (+19.77%, Market Cap $3.12 billion)

According to Gate.io data, KAS token is currently priced at $0.117, with a 24-hour increase of 19.77%. Kaspa is a decentralized and scalable Layer1 network that uses BlockDAG architecture to address scalability issues associated with traditional blockchain operations. The project introduced the GhostDAG/PHANTOM mechanism to achieve scalability in the blockchain trilemma (security, scalability, and decentralization), while utilizing the KHeavyHash proof-of-work consensus algorithm to ensure blockchain security and decentralization. Kaspa introduced the PHANTOM protocol, a permissionless ledger protocol based on proof-of-work. PHANTOM can reference multiple previous blocks, provide a total ordering of all blocks and transactions, and output a consistent set of accepted transactions.

Kaspa (KAS) price has risen nearly 20% in the past 24 hours, showing strong market momentum. As the Kaspa project team has not recently updated project-related news, its rise is mainly driven by technical factors. From a technical analysis perspective, the KAS/USDT trading pair broke through the key resistance level of $0.10 on the daily chart, accompanied by a significant increase in trading volume, indicating strengthening buying power. The Relative Strength Index (RSI) is currently in the 60-70 range, suggesting bullish market sentiment without entering the overbought territory, leaving room for further upside.

Alpha Insights

Bit Origin Invests About $10 Million to Acquire 40.54 Million DOGE, Establishing Corporate Dogecoin Treasury

Nasdaq-listed company Bit Origin announced the completion of its first Dogecoin purchase, totaling 40,543,745 DOGE at an average price of about $0.2466, amounting to approximately $10 million. This acquisition comes less than a week after announcing the establishment of a corporate-level DOGE treasury. Bit Origin stated that it has secured up to $500 million in equity and debt financing to advance its Dogecoin treasury strategy. The company believes the current market environment is favorable for Dogecoin’s evolution towards decentralized finance and notes DOGE’s good liquidity and recognition globally.

Bit Origin’s shift from Bitcoin mining to acquiring Dogecoin and implementing diversified crypto asset management marks its strategic transformation and confidence in the potential of meme coins. This move may encourage more institutional investors to pay attention to Dogecoin, promoting its application in decentralized finance (DeFi) areas such as payments and lending. The company’s $500 million financing plan provides strong support for its Dogecoin treasury strategy, demonstrating a commitment to long-term development. In the future, if this strategy succeeds, Dogecoin may play a more important role in institutional investment and emerging payment platforms. However, its prospects are still subject to market volatility, regulatory policies, and community ecosystem influences, presenting both opportunities and challenges. This could become a key milestone in the integration of cryptocurrencies and traditional finance.

Ethena Labs Announces $360 Million PIPE Transaction for StablecoinX, Will Establish ENA Treasury Company

Ethena Labs announced a $360 million PIPE (Private Investment in Public Equity) transaction for StablecoinX, while its foundation has initiated a $260 million ENA public market repurchase plan to support the establishment of ENA reserves. Additionally, StablecoinX will seek listing on Nasdaq under the ticker symbol “USDE”. Looking ahead, if StablecoinX successfully lists on Nasdaq, it is expected to enhance the compliance and visibility of stablecoins in traditional financial markets, attracting more attention from institutional investors, thereby accelerating the penetration of stablecoins in global financial services. However, the realization of this ambitious blueprint still faces multiple challenges including market acceptance, regulatory policy evolution, and technical and risk management capabilities. Opportunities and challenges coexist, and the outlook is worth continuous tracking.

Bittensor Ecosystem Company xTAO to List in Canada, Receives $22.8 Million Investment from DCG and Others

Bittensor ecosystem company xTAO announced it will list on the TSX Venture Exchange (TSXV) in Canada on July 23, under the ticker symbol XTAO.U. The company has previously completed a $22.8 million financing round, with investors including Digital Currency Group, Animoca Brands, Arca, Borderless Capital, and FalconX. xTAO stated that the company will focus on advancing the development of the Bittensor network, emphasizing the construction of core products such as data, computing power, and machine learning models, and connecting users and enterprises through validator nodes.

xTAO’s announcement of listing on a Canadian exchange and completing a financing round has significant implications for the Bittensor ecosystem and its development in the decentralized AI field. As a company focused on providing infrastructure support for the Bittensor network, xTAO will gain more resources and market recognition through listing, helping to drive innovation and R&D in core areas such as data, computing power, and machine learning models. This financing is supported by several well-known digital asset investment institutions, injecting strong capital and industry resources into xTAO’s development. In the future, xTAO will play a bridging role by connecting users and enterprises through validator nodes, promoting the widespread application and commercialization of the Bittensor network.

Gate Launchpool

Launchpool Details

• Project: Yooldo Games
• Token: ESPORTS
• Expiration date: July 25, 2025, 12:00 (UTC)
• Participation: Stake BTC or ESPORTS to receive for free
• Total Mining Rewards: 803,571 ESPORTS

Project Overview

Yooldo is a multi-chain Web3 gaming platform that simplifies the user onboarding process through an interface similar to centralized exchanges, while achieving true digital ownership through NFTs and token-based assets. Yooldo is supported by many leading partners, including Consensys and Linea, and its multi-game universe is powered by the ESPORTS token. Yooldo continuously explores viable Web3 gaming models while developing complementary service products to enrich the Web3 ecosystem. Seamless Layer 2 and cross-chain bridge integrations enable fast and low-cost gaming operations across platforms such as Ethereum, Linea, and BNB Chain.


Reference

• Gate, https://www.gate.com/trade/BTC_USDT
• Gate, https://www.gate.com/zh/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/btc/
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• The Block, https://www.theblock.co/post/363688/bit-origin-makes-first-dogecoin-purchases-after-establishing-corporate-doge-treasury
• X, https://x.com/ethena_labs/status/1947286869341016116
• The Block, https://www.theblock.co/post/363317/xtao-bittensor
• Gate, https://www.gate.com/zh/announcements/article/46222

Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

Disclaimer Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.