Saturday, 20 April 2024

Crypto News

Hottest ICO: Bitcoin Dogs presale raises $6.8M as investors keen on a record BTC price

Bitcoin Dogs presale

  • Bitcoin inflows and price trends have boosted Bitcoin Dogs presale.
  • Bitcoin Dogs has additional use cases in gaming, NFTs, and the metaverse.
  • The Bitcoin Dogs presale concludes on March 15

Bitcoin Dogs ($0DOG) is a crypto token on demand. Since launching its presale on February 14, the token has encountered an unprecedented demand. In barely three weeks, over $6.8 million worth of tokens have been purchased. The presale frenzy has been fueled by the connection between Bitcoin Dogs and the Bitcoin blockchain. Conversely, Bitcoin (BTC) has posted strong gains, hitting a price above $65,000. Expectations are that BTC could surpass its prior record as a string of events support a bullish 2024. As investors continue to make speculations, Bitcoin Dogs has been the core beneficiary.

Bitcoin to hit a new record as inflows intensify

A new Bitcoin price could be on the cards, as the cryptocurrency approaches its record of $69,000. At the time of this publication, the largest cryptocurrency was trading at $65,200. According to Markus Thielen, the founder of 10X Research, Bitcoin could surpass its previous record price.

Thielen points to the increased inflows into Bitcoin products after the approvals of spot ETFs. The 10X Research founder says inflows into spot ETFs have outpaced the number of Bitcoins created per day. He notes the situation has widened the supply-demand imbalance to 1:10.

The supply crunch is also highlighted in reports that OTC trading desks handle large institutional clients. This has resulted in balances falling from almost 10,000 BTCs in Q2 2023 to below 2,000 BTCs.

Bitcoin Dogs: First BRC20 token benefiting from Bitcoin legacy

Bitcoin Dogs is the first-ever ICO on the Bitcoin blockchain. As the frenzy around a record BTC price grows, analysts bet that Bitcoin Dogs is best placed for success. This is noticeable from the fire presale, in which 90% of 900 million minted tokens will be offered. 

Notably, Bitcoin Dogs ride key Bitcoin’s bullish events, such as institutional adoption after the approvals of spot ETFs. The Bitcoin halving in April, which is also boosting BTC price, is attracting investors to Bitcoin Dogs.

To many, Bitcoin Dogs is an opportunity to own a stake in the legacy Bitcoin blockchain. This has positioned Bitcoin Dogs as a high-potential project and token, boosting its presale. 

Bitcoin Dogs: An utility…

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