Spirit Blockchain Acquires Dogecoin Holdings, Eyes Global DOGE Adoption

• Spirit Blockchain acquires Dogecoin Holdings to drive global DOGE adoption and expand its digital asset management offerings.
• Ankr co-founder Chandler Song joins Dogecoin Holdings as a strategic advisor to enhance DOGE’s ecosystem and utility.
• Dogecoin’s market shows bullish sentiment despite a 19.88% drop in derivatives trading volume and rising liquidations.

To fastrack global adoption of Dogecoin, Spirit Blockchain Capital Inc. (CSE: SPIR) has acquired Dogecoin Portfolio Holdings Corp., according to Wu Blockchain. In addition, Ankr co-founder Chandler Song joined Dogecoin Holdings as its strategic adviser, signaling strong industry support for Dogecoin’s ecosystem development.

Spirit Blockchain Capital announced that it has completed the acquisition of Dogecoin Holdings to increase the global adoption of Dogecoin. Ankr co-founder Chandler Song announced that he has invested in Dogecoin Holdings and will serve as a strategic advisor to participate in…

— Wu Blockchain (@WuBlockchain)
November 8, 2024

Spirit Blockchain Capital’s acquisition of Dogecoin Holdings is in line with its plans to utilize Dogecoin’s strong community and cultural relevance to expand its own market presence.

Dogecoin Holdings, founded by Dogecoin enthusiasts, brings valuable intellectual property and expertise to Spirit Blockchain. Moreover, this acquisition aligns with Spirit’s mission to drive innovation in digital asset management, creating products that appeal to both retail and institutional investors.

Strengthening Dogecoin’s Global Utility

Spirit plans to improve Dogecoin’s global utility by developing financial products that will enhance the accessibility and use of DOGE. Lewis Bateman, CEO of Spirit Blockchain stated that this acquisition positions Spirit as a leader in decentralized finance, leveraging Dogecoin’s popularity to attract a diverse investor base.

Ankr’s co-founder Chandler Song on his role as the strategic adviser for Dogecoin Holdings, highlighted Dogecoin’s true decentralization, and cultural impact as key reasons for his involvement. Song’s expertise will likely guide the development of new products aimed at driving consumer crypto adoption.

Some personal news: I’ve joined Dogecoin Portfolio Holdings Corp as an advisor. Dogecoin has stood out for its fair launch, true decentralization, and cultural relevance. I’m excited to work with the team to build more meaningful products that will pave the way for consumer… pic.twitter.com/EnVtZiIYrB

— chandler (@chandlersyf)
October 8, 2024

Dogecoin is valued at $0.192734, with a 24-hour trading volume of $3.77 billion. The token experienced a slight 0.83% decline over the past 24 hours. Dogecoin still retains a market capitalization of $28.27 billion with its circulating supply of over 146 billion DOGE coins, demonstrating its liquidity.

Derivatives Activity Indicates Market Volatility

Despite Dogecoin’s stable market presence, derivatives trading has experienced a sharp decline. Trading volumes fell by 19.88%, with options activity dropping by 58.52%. Interestingly, however, traders maintain a bullish stance, which is reflected in long/short ratios exceeding 2 on Binance and OKX.

Source:
Coinglass

However, liquidations show a bearish trend, with $4.21 million in long positions liquidated within 12 hours. Dogecoin’s derivatives data suggests potential volatility in the near term. Falling open interest and trading volume could signal an impending market shift.

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