LONDON, United Kingdom, March 13th, 2024/Chainwire/Bitcoin Dogs has now raised a spectacular total of $10.6 million as it nears the final 48 hours of its presale, after which the 0DOG tokens will become available for public trading.
The ICO, the first-ever for a token built on the Bitcoin blockchain, began on the 14th of February. It debuted with a product video that garnered thousands of views and achieved viral growth, amassing a community of over 110k followers on X and in excess of 25k members on Telegram, all in under 30 days.
The exceptional response has been powered significantly by Bitcoin Dogs' innovative use of the Bitcoin ordinals protocol, a 2023 update to Bitcoin that enables token minting and NFTs on the Bitcoin blockchain.
This places Bitcoin Dogs firmly within a range of Web3 camps since the project offers both its 0DOG token, an NFT collection, and a GameFi experience to those who invest.
0DOG is currently available to purchase at its final stage price of $0.0404 before it becomes available for public trading. The presale will end on Friday 15th March. 0DOG is available to buy on the Bitcoin Dogs website.
Ordinals allows collectibles and custom tokens to be written onto satoshis, or “sats” — the smallest denomination of a bitcoin.
This has allowed NFTs and “BRC-20” tokens to flourish on the Bitcoin network, and according to Grayscale, Bitcoin is now jostling for the title of dominant NFT chain over Ethereum.
Bitcoin Dogs uses Ordinals in two ways, making it a potential flagship project for the protocol. Firstly, the 0DOG token is issued under the BRC-20 standard, meaning that 0DOG tokens are stored and transferred over the Bitcoin network, much like ERC-20 tokens like SHIB on Ethereum.
BRC-20 tokens have been extremely popular since they debuted last year, and two remain in the top 100 cryptocurrencies by market cap.
Second, available only to 0DOG holders, Bitcoin Dogs will mint 10,000 NFTs on the Bitcoin blockchain, using Ordinals to inscribe images on satoshis.
Ordinals NFT collections like Bitcoin Frogs and NodeMonkes have become popular in recent months, with the latter hitting $1 million in sales in early March.
Bitcoin Dogs employs the same 8-bit graphic style as these projects while implementing the ever-popular “doge” style imagery on top of this.
The Bitcoin Dogs team is optimistic that the use cases for Ordinals position Bitcoin Dogs to benefit from the general bullish sentiment surrounding the Ordinals protocol. The team is hoping that owners will replicate the success stories of ORDI and other notable NFT collections.
As it nears its final 48 hours, 0DOG is currently on sale for $0.0404, the final fixed price before the token becomes available for public trading.
At the end of the presale, any unsold tokens will be burned, permanently removing them from circulation. This means that the total supply, originally 900 million 0DOG, will ultimately be decided by the market.
A burn would reduce the supply, which could in theory drive up the price of 0DOG if demand were to persist. Deflationary pressures like this have been credited with creating long-term value in tokens like Bitcoin and numerous other cryptocurrencies.
The Bitcoin halving, scheduled for April and traditionally associated with increased scarcity, is anticipated by the team to potentially boost Bitcoin prices beyond the $72.968k all-time high.
Furthermore, the team expects this surge to ripple out into the wider crypto markets, suggesting that the broader crypto market could stand to benefit from the ensuing hype. The presale will end on Friday 15th March.
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. For more information about Bitcoin Dogs (0DOG) users can visit the website. Official Website | Whitepaper | Socials
Bitcoin Dogs Team
Bitcoin Dogs
marketing@bitcoindogs.club
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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