Japanese treasury company Metaplanet has once again hit the headlines after buying another 1,111 BTC. This bold move brings its total holdings to 11,111 BTC, which is closer to Tesla’s vault of 11,509 BTC. With tensions slowing down in the Middle East and a potential peace deal on the line, digital currencies, including Bitcoin, could see a huge rebound soon.
In the meantime, Dogecoin has been recovering following a two-month low. The meme-based cryptocurrency bounced back to the $0.15 support and could see more gains in the coming days. While a huge token unlock is on the horizon, CryptonautX expects a rally to $0.25.
Metaplanet Increases Its Bitcoin Holdings To 11,111 BTC
Metaplanet, widely known as Japan’s leading treasury firm, revealed the 1,111 BTC acquisition on X on Monday. According to the company’s regulatory filing, it now holds a total of 11,111 BTC. Metaplanet is just 398 BTC from overtaking Tesla’s current stash of 11,509 BTC.
Meanwhile, Metaplanet had acquired 1,112 BTC in the previous week, highlighting its ongoing commitment to aggressive Bitcoin accumulation. The company follows in the footsteps of MicroStrategy, which has accumulated over 592,100 BTC over the years.
Given the increase in Bitcoin accumulation, the value of BTC could soar in the next few days. The price of Bitcoin is currently trading above the $100k level, per CoinMarketCap.
The Bitcoin price is currently attempting a breakout above the $110k level after reclaiming the $105k zone. The potential end of “THE 12-DAY WAR” in the Middle East has ignited positive momentum across the market as accumulation and Bitcoin ETF inflows skyrocket.
Ted Pillows is one analyst who is unperturbed by the recent dip. He told his followers that the correction has created more room for an upside. Ted forecasts the Bitcoin price could rally to $130k-$135k in the third quarter.
Dogecoin Reclaims Key Support Level As RSI Enters Oversold Region
The Dogecoin price has shown resilience, recovering from a recent decline to $0.14. The recent decline, which occurred on Sunday, came amidst ongoing tensions in the Middle East. CoinMarketCap data reveals the value of the memecoin has risen above the $0.15 support to $0.16, increasing chances for a change in momentum.
However, this might not happen anytime soon, given an upcoming Dogecoin token unlock. Over the next seven days, the crypto market will witness a massive unlock of over $250 million. As per Tokenomist, the Dogecoin would have 95.89 million DOGE tokens valued at about $14.69 million.
Despite the negative outlook, analysts like CryptonautX stay positive. The analyst posted on X, saying that DOGE is “about to pop.” CryptonautX predicts that the price of Dogecoin may rise to $0.25 soon, following a triangular pattern.
Meanwhile, key indicators are now giving oversold signals. The Relative Strength Index (RSI) is at 27.88, which is below the midline. Historically, low RSI levels are known to cause short-term price rebounds. Therefore, an increase in momentum may be an early indicator of recovery.
Conclusion
The intense stockpiling of Bitcoin by Metaplanet, which currently holds 11,111 BTC, is an indication of an increasing corporate faith in the long-term potential of Bitcoin. In the meantime, Dogecoin has demonstrated some strength, climbing above the $0.15 support.
Even with the looming token unlocks and a questionable market sentiment, analysts are still bullish on a breakout. Also, the likely end of the Middle East crisis could spark an uptrend across the market, placing Bitcoin and Dogecoin among the best cryptos to watch.
