After seeing a slow start to August, Dogecoin appears to have finally picked up the pace, while also picking up significant yields this week. 

The memecoin pack leader is currently trading at $0.2353, up by nearly 6% in the last 24 hours. Those gains further reinforce DOGE’s near 20% increase over the week, hinting at a potential comeback to yearly-high levels. 

Today, August 12, DOGE went on a strong 9% run, boosted by news of broader institutional adoption of Dogecoin. But what exactly happened? Let’s get into it. 

Bit Origin $30 Million DOGE Move

Bit Origin made another massive move towards its Dogecoin corporate treasury. The firm announced that it has closed a private placement of 20 million Class A ordinary shares in exchange for 30 million DOGE. The transaction, valued at around $6 million, adds a previously unforeseen layer of utility to the memecoin. 

Bit Origin now owns a total of 70.5 million DOGE, or roughly $16.5 million, achieving the mark of around 0.80 DOGE per share. 

While we’ve seen institutions going toward assets like Bitcoin and Ethereum, Bit Origin’s Dogecoin move is an unexpected, but also welcomed that highlights a shift in sentiment toward less conventional digital asset treasuries.

Dogecoin Price Overview

Today’s rally pushed $DOGE to the $0.235 margin, a notorious pivot point in the memecoin’s price history. The fact that bears were able to produce the first 1-hour red candle after the rally started is no coincidence, as that zone has served as both resistance and support throughout the year. 

While it is too soon to claim that bears were able to stop upward momentum, especially at a quick timeframe such as 1-Hour, this scenario presents an interesting opportunity for bulls to prove strength at a historically contested level.

On the less volatile timeframe of 1-day, we can see how $DOGE pivoted off of a double-bottom pattern in mid-July. And after momentum faded, buyers were able to stop the bleeding that that pattern’s neckline, the $0.20 zone. 

This bounce allowed bulls to come back with volume, leading to a 24% increase from August 6–9, further continued by today’s daily increase. 

While $DOGE has been able to find momentum several times this year, the memecoin is yet to convincingly break above the current resistance zone. Aside from a 10-day period where the asset reached as high as $0.28, DOGE is yet to convincingly find volume for a go at thirty cents. 

This puts the current situation even more in focus, as $DOGE once again approaches a historically stubborn resistance zone. So far, trading volume is not all there for a breakout hopes, with the currency averaging 400 million DOGE, while breakout periods typically show near 1 billion DOGE in volume. 

With that said, the RSI indicator on a daily timeframe is not pointing to exhaustion as of yet. The indicator is currently at 57.25, still relatively far from breaching “overbought” levels.  

Meanwhile, MACD shows a bullish crossover on August 9, reinforcing the idea that Dogecoin could find sustained upward momentum despite facing a strong resistance zone. 

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