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Bitcoin has made history and cleared a new all-time high of $71K, the knock-on effect being a huge increase in the global crypto market cap that is now pushing toward the $2.7 trillion mark.
Riding the current bitcoin wave, the first-ever presale on the Bitcoin network, Bitcoin Dogs, is now 5 days away from closing on the 15th of March, with over $9.7M in funds raised since its recent debut on the 14th of February.
With experts suggesting evidence that a bull run began in 2023, there is optimism surrounding the cryptocurrency market among investors. The Bitcoin ETF approval in January, the halving in April, talk of an ETH ETF approval later this year, and suspected Fed rate cuts are forming an optimal wave of bullishness and the Bitcoin Dogs team hopes that a first-of-its-kind coin such as 0DOG is cleverly poised to ride this wave as 2024 progresses.
0DOG is available to buy on the Bitcoin Dogs website.
BTC Sets the Scene for Bitcoin Dogs Launch
2024 is proving to be interesting, to say the least. The Bitcoin Dogs team attributes part of the project's success to its uncanny timing.
The bull market began snowballing at the start of the year, fueled by Januarys ETF approvals. The SEC passed 11 spot applications, causing large financial institutions such as Blackrock and Fidelity to begin accumulating BTC in unprecedented quantities Blackrocks fund has now surpassed $11.5 billion in total inflows.
This was further compounded by other sources of institutional buy pressure beyond the ETFs, though. Michael Saylors MicroStrategy doubled down on its long-term BTC accumulation strategy, acquiring $100 million in new debt to make Bitcoin purchases last week. MicroStrategy now owns more BTC than any other public company, with a stash worth over $13 billion at current prices.
Saylor recently met with Jeff Bezos, with commentators suspecting a Bitcoin purchase by the Amazon boss. Bezos recently sold $8.5 billion of AMZN shares, and rumors are circulating that the sale was made to fund a BTC acquisition. Bezos would join Saylor and Elon Musk in the club of BTC-backed billionaires if a purchase is confirmed.
Finally, the Federal Reserve is expected to cut interest rates as the year goes on. Rate cuts mean that investors get worse returns on risk-off investments like bonds, causing many to look to risk-on assets like Bitcoin for greater gains. The availability of cheap credit typically leads to inflation as well, and Bitcoin is frequently bought as an inflation hedge. Both of these forces would likely stir demand for Bitcoin, as they did during the 2020 bull run.
Ordinals: Bitcoin Dogs Second Wind
The Bitcoin Dogs team suggests that the project's proximity to Bitcoin places it in an advantageous position to benefit from spillover gains associated with a historic BTC rally. However, they also highlight that there are additional factors within the Bitcoin ecosystem that could further increase the spotlight on 0DOG.
The project utilizes two cutting-edge Bitcoin technologies: BRC-20 and Ordinals NFTs. The Ordinals protocol, which went live in 2023, allows NFTs and custom tokens to be issued and secured on the Bitcoin blockchain, much like on Ethereum or Solana.
0DOG is one such token and is the first BRC-20 to ever launch via an ICO. Buyers will be hoping that 0DOG follows in the footsteps of other BRC-20 tokens, many of which have enjoyed considerable rallies. 1CAT, the token of the Bitcoin Cats project, saw a trading volume of over $50 million quickly after launch, and Ordinals tokens have seen double-digit gains during Bitcoins recent pump.
Thanks to Ordinals, Bitcoin NFTs are also becoming more popular than their Ethereum counterparts. Given this hype magnet, the team behind Bitcoin Dogs is optimistic that Bitcoin Dogs could very well become the next viral collection to dominate the market, especially considering the size of their community the official X account has over 100k followers before public listings. The team is optimistic this could further propel 0DOG to new heights.
There are less than 5 days left in the Bitcoin Dogs presale, with a final presale price of $0.0404, after this period the coin will go public. Given the current market trends and forthcoming developments, Bitcoin Dogs may be an interesting opportunity for those who will be closely following the latest Bitcoin developments.
About Bitcoin Dogs
Bitcoin Dogs is breaking new ground in the Bitcoin ecosystem. For the first time ever, NFTs, gaming, and new token types come together to offer the first ICO on the original Bitcoin blockchain. The truly permissionless immutability of Bitcoin is being harnessed to create the 0DOG token, while a play-to-earn (P2E) gaming experience and NFT collection are being developed exclusively for 0DOG holders.
Users can find more information and purchase Bitcoin Dogs (0DOG) by visiting the website.
- Explore the Whitepaper
- Join the community and social media platforms
Contact
Contact Details
Bitcoin Dogs
Bitcoin Dogs Team
View source version on newsdirect.com: https://newsdirect.com/news/bitcoin-dogs-sets-a-new-standard-in-crypto-amidst-bitcoin-surge-268453062
Bitcoin Dogs
COMTEX_449072596/2655/2024-03-11T06:56:04
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Current Hue journalist was involved in the writing and production of this article.