Bitcoin (BTC) is edging back towards its all-time high and analysts are pointing to a spike in spot trading volume as an indicator of huge retail interest. But also flying is the Bitcoin Dogs presale.
Bitcoin Dogs on fire as daily BTC spot volume rockets
Bitcoin Dogs, a new project set to dominate an emerging ecosystem on Bitcoin is recording massive attention from the market as its presale draws towards a close.
Buying interest in the native 0DOG token has attracted over $8.3 million, with just seven days to go before it hits tier 1 exchanges.
Currently, the price of 0DOG is at $0.0343
Check out the Bitcoin Dogs presale page for the next price level.
Mallika Kolar, a quantitative research associate at Bitwise, shared on X Bitcoin spot trading volume data that shows the metric has experienced an exponential surge year-to-date. Daily BTC spot volumes the analyst shared shows a total of over $50 billion traded on March 5, 2024.
This compares to the $6.9 billion recorded on January 1, just over $12 billion end of that month and about $31.8 billion on February 29, 2024.
“People are buying Bitcoin. Spot trading volume has shot up almost 680% since the start of the year,” Kolar noted via X.
These volumes suggest an increased presence of retail power in the market, with spot Bitcoin ETFs also on fire this past week.
As the market sees record BTC volumes in spot trading and spot ETFs, bulls have looked to take over.
Bitcoin Dogs: What to know
The Bitcoin Dogs whitepaper describes this project as “the ultimate mashup of crypto and a man’s best friend.” It puts together the best of Bitcoin NFTs and crypto gaming to offer a platform where users can trade, collect, and have fun while tapping into numerous earning opportunities.
One of these is the upcoming Dogaverse, the Bitcoin Dogs Club Metaverse. Here it will not just be about fun. Every bit of entertainment could be laden with rewards. The 10,000 Ordinal NFTs are another – more so as experts say Bitcoin is on the cusp of an NFT revolution.
Tokenomics is another aspect of the Bitcoin Dogs project that has the crypto community excited.
The project has 900 million 0DOG tokens minted on the Bitcoin blockchain under the BRC-20 token standard. 90% of the tokens, or 810 million 0DOG, have been up for grabs since February 14 when the project launched the first-ever ICO on Bitcoin.
The ICO was to last only 30 days and the countdown is already at 22 done, 7 to go. If the March 15 deadline strikes and any tokens remain, these will form the first burn for Bitcoin Dogs.
Bitcoin Dogs and the Bitcoin factor
As noted, Bitcoin Dogs is a new project seeking to leverage not just Bitcoin’s security, but also the growing ecosystem on top of the network. NFTs, DeFi and gaming are all coming alive on Bitcoin and 0DOG could be a big player in this space.
However, that’s not all. The over bullish sentiment around BTC will be a massive catalyst for Bitcoin Dogs.
Bitcoin price surged to its new all-time high above $69,300 on Tuesday, while Ethereum reached highs above $3,900. Meme coins and AI tokens also recorded significant gains. The overall outlook is that a new leg up is shaping.
Nexo co-founder Antoni Trenchev has predicted a potential run to $100,000 for Bitcoin before the end of 2024.
0DOG will soon trade in the open market and the huge demand, limited supply and potential market explosion all combine to make Bitcoin Dogs one of the best positioned projects.
You can learn more here.
