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Bitcoin Dogs, the first-ever Initial Coin Offering (ICO) on Bitcoin has raised over $618K in the past few hours and the trend may continue as the crypto bull run continues. You can check out the updated amount here. This is a major milestone as more developers turn to Bitcoin’s ecosystem for building apps in key areas like gaming and Non-Fungible Tokens (NFT) industries. 

Bitcoin’s ecosystem is doing well as the number of developers in the ecosystem rise. Last year, we saw the launch of Bitcoin Ordinals, which has emerged as the most successful NFT launch in recent years. Data shows that the total sales volumes of these Ordinals has jumped to more than $2.3 billion. 

This trend has been beneficial for Bitcoin’s ecosystem. Monetarily, data compiled by TokenTerminal shows that the total revenue in Bitcoin’s ecosystem has risen to over $701 million in the past 180 days as demand continues rising.

Analysts believe that Bitcoin will continue playing an integral role in all industries in the blockchain industry like gaming, NFTs, and even decentralised finance (DeFi). Besides, Bitcoin is one of the safest cryptocurrencies in the world with a 15-year track record.

Bitcoin Dogs is a project aiming to take advantage of these features. The platform will have four key components. The first one will be the Bitcoin Dogs NFT collection, which will have 10k pieces, as you can find in its white paper.

It will also have a Bitcoin Dog game, which will help it to expand the ecosystem. This is an important part because multiple reports show that gaming will be the biggest industry in the blockchain industry. A report report estimated that the industry will rise from $4.2 billion in 2022 to over $818 billion in 2032, representing a 66% CAGR. Therefore, Bitcoin Dogs wants to take a pole position in this gaming industry during its infancy period. 

Bitcoin Dogs will also have the $ODOG token, which will power the network and promote its decentralised features. Finally, there will be the Bitcoin Dogs community that will participate in the ecosystem and vote for key issues.

The $618K capital raise was impressive because it happened a few hours after the token sale started, signaling that there is strong demand from investors. This is a sign that the project will likely see more inflows as the token sale continues.

Bitcoin Dog’s spectacular cash raise happened at a time when a crypto bull run is underway. BTC has jumped from last year’s low of $19,000 to over $51,000. Other tokens like Solana, Avalanche, and Justin Sun’s Tron have also surged in the past few weeks.

This rally is driven by the strong inflows in Bitcoin ETFs, especially those offered by companies like Blackrock and Fidelity. In all, these funds have attracted over $6 billion in assets in the past few weeks and the trend will continue in the coming months as institutional investors allocate capital to them.

Further, there is ongoing enthusiasm about Bitcoin halving, which will reduce Bitcoin rewards and slow the pace of mining. Also, there is hope that the Federal Reserve will start cutting interest rates this year as inflation and economic growth slows.

Taken together, these factors have led to the fear of missing out (FOMO), which has pushed the crypto fear and greed index to almost 70.

Bitcoin Dogs will likely do well in this token sale because of the growing demand for listed and unlisted cryptocurrencies. Most importantly, it has captured some of the most important areas in the blockchain industry like NFTs and gaming. You can read the Bitcoin Dog white paper here.

The post First-ever ICO on Bitcoin raises $618K in hours as crypto bull run continues appeared first on Invezz

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