Gate Research Institute: Bit Origin invested approximately 10 million USD to purchase DOGE | PENGU rose over 20% in a single day.

Crypto Market Overview

• BTC (-1.21% | Current price 116,984 USDT): BTC is showing a high-level fluctuation pattern, currently oscillating around 117,000 USD. Technical analysis indicates that BTC rebounded after finding support near 116,600 USD, but has failed to break through the resistance level of 118,500 USD after multiple tests, and the rebound momentum has weakened. On the daily chart, BTC remains above the 50-day moving average, and the MACD line is close to a golden cross, suggesting that there may still be room for a rebound in the short term. On July 21, BTC ETF saw an outflow of 131 million USD, with ARKB seeing an outflow of 77.5 million USD and GBTC seeing an outflow of 36.7 million USD.
• ETH (-0.90% | Current Price 3,718 USDT): The ETH price fluctuates around 3,800 dollars, showing signs of short-term weakness. Technical analysis indicates that after breaking through 3,700 dollars, ETH briefly reached the 3,800 dollar mark but failed to further surpass the key resistance level of 4,000 dollars, indicating insufficient bullish momentum. The RSI indicator is close to 70, nearing the overbought zone, suggesting an increased risk of short-term pullback. On July 21, ETH ETF inflows amounted to 296 million dollars, including 102 million dollars from BlackRock's ETHA and 126 million dollars from Fidelity's FETH.
• Altcoins: The market is currently in an overall upward phase. The Fear and Greed Index today reports 71, indicating that market sentiment remains optimistic.
• Macro: On July 21, the S&P 500 Index rose by 0.14%, closing at 6,305.60 points; the Dow Jones Index fell by 0.04%, closing at 44,323.07 points; the Nasdaq Index rose by 0.38%, closing at 20,974.18 points. As of July 22, 11:25 (UTC+8), the spot gold price is temporarily reported at 3,390 USD per ounce, with a decline of 0.20% within 24H.

Trending Tokens on Jujin

PENGU Pudgy Penguins (+21.73%, circulating market cap 2.39 billion USD)

According to Gate.io market data, the current price of the PENGU token is $0.038, with a 24-hour increase of 21.73%.

Pudgy Penguins is one of the most well-known NFT projects in the encryption currency field, born in July 2021. It quickly gained popularity due to its unique "cute penguin" image and community culture. This NFT series consists of 8,888 penguins. The PENGU token, as the official social token of Pudgy Penguins, is creating a new wave in the encryption currency world. This token, originating from a famous NFT project, is not just an ordinary digital asset; it represents a vibrant community and cultural phenomenon.

Recently, the image of Pudgy Penguins has frequently appeared on globally renowned landmarks, such as Malaysia's first LED tower and the Kuala Lumpur World Trade Center. This high-exposure marketing strategy has significantly enhanced brand awareness, attracting more attention from investors and fans. Some internet celebrities have started showcasing their photos with the PENGU penguin figurine on social media, and the continuing expansion of the IP image's influence is one of the important reasons for the recent rise in the price of PENGU tokens.

RAY Raydium (+20.69%, circulating market cap 940 million USD)

According to Gate.io market data, the current price of RAY token is 3.51 USD, with a 24-hour increase of 20.69%.

Raydium is a decentralized exchange on Solana that adopts AMM (DEX), initially integrating with Serum (, a decentralized trading platform on Solana, and now serves as the order book system for Openbook) and sets up Permissionless Pools(, widely providing liquidity for tokens in the Solana ecosystem, bringing users a more flexible trading experience.

The rise in the price of RAY tokens is mainly due to the arrival of the cryptocurrency altcoin season, and the token's increase has been rotating across various sectors. Raydium's TVL has now steadily grown to over $2 billion, and its market circulation value to TVL ratio is relatively low. Using this metric to assess the price of RAY tokens may indicate that they are undervalued, potentially attracting more value investors to join in, further driving up the price.

) KAS Kaspa (+19.77%, circulating market value 3.12 billion USD)

According to Gate.io market data, the current price of the KAS token is 0.117 USD, with a 24-hour increase of 19.77%.

Kaspa is a decentralized and scalable Layer 1 network that uses BlockDAG architecture to address the scalability issues associated with traditional blockchain operations. The project introduces the GhostDAG/PHANTOM mechanism to achieve scalability in the blockchain trilemma (security, scalability, and decentralization), while employing the KHeavyHash proof-of-work consensus algorithm to ensure the security and decentralization of the blockchain. Kaspa introduces the PHANTOM protocol, which is a proof-of-work, permissionless ledger protocol. PHANTOM can reference multiple previous blocks, providing a total ordering of all blocks and transactions, and outputting a set of consistent accepted transactions.

The price of Kaspa (KAS) has increased by nearly 20% in the past 24 hours, demonstrating strong market momentum. Since the Kaspa project team has not provided any recent updates regarding the project, the increase mainly relies on technical factors. From a technical analysis perspective, the KAS/USDT trading pair has broken through the key resistance level of $0.10 on the daily chart, accompanied by a significant increase in trading volume, indicating enhanced buying power. The Relative Strength Index (RSI) is currently in the range of 60-70, suggesting that market sentiment is bullish but has not yet entered overbought territory, leaving room for further upward movement.

Alpha Interpretation

Bit Origin invested approximately 10 million USD to acquire 40.54 million DOGE, establishing a corporate Dogecoin treasury.

Nasdaq-listed company Bit Origin announced that it has completed its first purchase of Dogecoin, totaling 40,543,745 DOGE, with an average buying price of approximately 0.2466 USD, amounting to about 10 million USD. This purchase comes less than a week after its announcement to establish a corporate-level DOGE vault. Bit Origin stated that it has secured up to 500 million USD in equity and debt financing to advance its Dogecoin vault strategy. The company believes that the current market environment is favorable for Dogecoin's evolution towards decentralized finance and pointed out that DOGE has good liquidity and recognition globally.

Bit Origin's shift from Bitcoin mining to acquiring Dogecoin and implementing diversified encryption asset management marks its strategic transformation and confidence in the potential of meme coins. This move may drive more institutional investors to pay attention to Dogecoin, promoting its application in decentralized finance (DeFi) areas such as payment and lending scenarios. The company's $500 million financing plan strongly supports its Dogecoin treasury strategy, demonstrating its commitment to long-term development. In the future, if this strategy succeeds, Dogecoin may play a more important role in institutional investment and emerging payment platforms. However, its prospects are still influenced by market volatility, regulatory policies, and community ecology, filled with opportunities and challenges. This could become a key milestone in the integration of cryptocurrency with traditional finance.

Ethena Labs announced a $360 million PIPE transaction for StablecoinX, which will establish the ENA treasury company.

Ethena Labs announced a $360 million PIPE transaction for StablecoinX (a financing method where a public company raises funds by privately issuing stocks or convertible securities to specific investors), while its foundation has launched a $260 million ENA public market buyback program to support the establishment of ENA reserves. In addition, StablecoinX will seek to list on NASDAQ with the stock code "USDE". Looking ahead, if StablecoinX successfully lands on NASDAQ, it is expected to enhance the compliance and visibility of stablecoins in the traditional financial market, attracting more institutional investors' attention, thus accelerating the penetration of stablecoins in global financial services. However, the realization of this grand blueprint still faces multiple tests such as market acceptance, regulatory policy evolution, and technical and risk management capabilities, with opportunities and challenges coexisting, making the outlook worthy of continued tracking.

Bittensor ecological company xTAO will be listed in Canada, receiving an investment of $22.8 million from DCG and others.

Bittensor ecosystem company xTAO announced that it will be listed on the Canadian TSX Venture Exchange (TSXV) on July 23, with the stock code XTAO.U. The company has previously completed a $22.8 million financing, with investors including Digital Currency Group, Animoca Brands, Arca, Borderless Capital, and FalconX. xTAO stated that the company will be committed to promoting the development of the Bittensor network, focusing on building core products such as data, computing power, and machine learning models, and connecting users with enterprises through validator nodes.

xTAO announced that it will be listed on the Canadian exchange and complete a round of financing, which is of significant importance to the Bittensor ecosystem and its development in the decentralized AI field. As a company focused on providing infrastructure support for the Bittensor network, xTAO will gain more resources and market recognition through the listing, which will help drive innovation and research in core areas such as data, computing power, and machine learning models. This financing has been supported by several well-known digital asset investment institutions, injecting strong capital and industry resources into the development of xTAO. In the future, xTAO will connect users and enterprises through validator nodes, acting as a bridge to promote the widespread application and commercialization process of the Bittensor network.

Gate Launchpool

IPO details

• Subscription Project: Yooldo Games
• Token Name: ESPORTS
• Deadline: July 25, 2025 20:00 (UTC+8)
• Participation method: Stake BTC or ESPORTS to receive for free
• Total airdrop: 803,571 ESPORTS

Project Introduction

Yooldo is a multi-chain Web3 gaming platform that simplifies the user onboarding process through an interface similar to centralized exchanges, while achieving true digital ownership through NFTs and token-based assets. Yooldo has received support from numerous leading partners, including Consensys and Linea, and its multi-game universe is powered by the ESPORTS token. Yooldo continuously explores viable Web3 gaming models while developing complementary service products to enrich the Web3 ecosystem. The seamless layer two network and cross-chain bridging integration make it possible to conduct fast and low-cost gaming operations across platforms such as Ethereum, Linea, and BNB Chain.
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