Dogecoin (DOGE) surged 11.7% over the past 24 hours, breaking above the key $0.25–$0.27 resistance zone for the first time since early 2025. The rally began after Nasdaq-listed Bit Origin purchased 40.5 million DOGE, valued at $11.3 million, on July 21 as part of its $500 million crypto treasury diversification plan.
This move mirrors corporate plays like Michael Saylor’s Strategy’s Bitcoin accumulation, but it’s the largest single corporate Dogecoin purchase to date, adding legitimacy to DOGE as a treasury asset.
Following the announcement, Dogecoin’s trading volume surged by 101% to $7.06 billion, meaning clear whale-driven demand and renewed speculative interest. The sentiment shift also pushed DOGE’s market capitalization to $42.4 billion, placing it as a top gainer among large-cap cryptocurrencies.
Dogecoin (DOGE) Enters Bullish Zone
Technical charts show Dogecoin’s technical picture is decisively bullish. It has reclaimed the $0.27 psychological barrier with a strong daily close at $0.284, marking a clear breakout above the Bollinger Band upper line ($0.2689) and surpassing the Oblique Minor Resistance at $0.2793.
The 14-day RSI for DOGE is at 84.7, indicating it is very overbought. This typically shows a strong rally is underway, but it may be overheated. The MACD histogram is also increasing to +0.0085, showing that upward pressure is likely to continue.
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Additional data suggests that DOGE’s moving averages are bullish, with the price above the 50-day and 100-day moving averages, which are currently positioned between $0.18 and $0.19, as shown in the chart above. This confirms a change in the mid-term trend.
This breakout also triggered a liquidation squeeze in derivatives markets. According to on-chain derivatives data on Coinglass, open interest jumped 22.6% to $5.31 billion, while DOGE derivatives volume skyrocketed 107.4% to $22.4B in 24 hours.
Liquidation Data Confirms Whale Pressure
The derivatives market saw $28.2 million in total liquidations over 24 hours, with $13.8 million in shorts wiped out, confirming aggressive buying pressure. Whales seem to be squeezing late bearish positions, forcing more traders to chase the pump.
This aligns with Dogecoin’s spot performance, where its price jumped from $0.252 to $0.284 within 24 hours, forming a strong upward channel. If momentum holds, the next psychological target sits at $0.30, while a sustained breakout could push DOGE toward $0.35, a level not seen since January of 2025.
However, the overheated RSI suggests a potential short-term pullback before another leg up. Any retracement would likely find support at $0.27, as this is the previous resistance that has turned into support.
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