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Crypto surge is underway as Bitcoin Dogs burns 100m tokens

2 months ago
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Cryptocurrency prices staged a strong comeback on Thursday, helped by the recent Federal Reserve interest rate cuts and the flood of money from China. 

Bitcoin (BTC) surged to over $65,000 for the first time since July 1st. It has jumped by more than 20% from its lowest level this month, meaning that it has moved into a bull market.

Other popular cryptocurrencies also bounced back, with Shiba Inu, Ethena (ENA), Wormhole, and Pepe leading the way. This price action could trigger a Bitcoin Dogs (ODOG) comeback.

Cryptocurrencies rebound

A risk on sentiment has spread in the financial market. American stock indices like the Dow Jones, S&P 500, and Nasdaq 100 jumped to their record highs while the US dollar index (DXY) continued its downward trend.

This performance is happening as the market continued to reflect on last week’s Federal Reserve decision. In it, the bank decided to cut interest rates by 0.50% and hinted that more of these cuts were coming. Bitcoin and other risky assets do well when the Fed is dovish.

Technically, Bitcoin now sits above the 200-day and 50-day moving averages, pointing to more upside. Besides, the coin has avoided forming the highly dangerous death cross chart pattern.

Cryptocurrencies also surged after China pointed to more stimulus in a bid to hit the 5% growth target. The government will provide over $140 billion in stimulus. As a result, Chinese stocks have surged hard in the past few days, triggering a bull run globally.

There have been some more crypto-related news. For example, MicroStrategy has continued accumulating Bitcoin in the past few months and now holds over 233k coins. Also, Gary Gensler, the head of the Securities and Exchange Commission (SEC) said that Bitcoin was not a security. 

The other notable news was that Avalanche, a leading layer-1 network, launched a giant $40 million grant program to grow its ecosystem. 

Bitcoin Dogs could rebound

Bitcoin Dogs, the highly popular cryptocurrency that raised over $15 million in its token sale, has not done well. 

It dropped to the important support level at $0.01, much lower than the all-time high of $0.1224. 

This makes it one of the cheapest meme coins to invest in. Besides, most coins that dropped sharply have staged a strong comeback in the past few days. Some of these meme coins are MOTHER Iggy, which is linked to Iggy Azalia and Daddy Tate. 

Bitcoin Dogs has several catalysts ahead. For example, the developers have announced that they are working on a play-to-earn game, where players will be rewarded in the ODOG token. This launch will make the coin transition from being a mere meme coin into a token with utility.

Additionally, the developers have burned 100 million tokens, a move that is expected to make it rare. 

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Source: https://coinjournal.net/news/crypto-surge-is-underway-as-bitcoin-dogs-burns-100m-tokens/