Dogecoin DOGE/USD was trading higher early Friday morning after a Nasdaq-listed firm stated that it would establish a reserve of the dog-themed memecoin.

What happened: DOGE was up over 11% in the last 24 hours, with trading volume surging 64% to $5.56 billion. 

The coin soared above $0.24 for the first time in nearly five months. The latest uptick pushed its weekly gains to 20% and monthly gains to nearly 40%.

Widely followed cryptocurrency analyst and trader Ali Martinez said that given the meme coin has crossed the key $0.20 resistance, the "next key hurdle" lies at $0.36.

DOGE's open interest jumped 25% in the last 24 hours to levels not seen since early February, according to Coinglass. 

More than 70% of DOGE derivatives traders on Binance were betting on its price increase, as revealed by the Long/Short Ratio.

See Also: Forget Dogecoin, Shiba Inu: Here’s Which Coin The ‘Memecoin Supercycle’ Analyst Is Betting On Instead

Why It Matters: The rally comes after Bit Origin Ltd. BTOG announced plans to create a Dogecoin treasury, becoming the first of its kind to designate the multi-billion-dollar memecoin as a core strategic asset.

The firm secured $400 million in equity capital and an additional $100 million in convertible debt from accredited investors, with a significant portion of the proceeds going toward DOGE purchases.

Price Action:  At the time of writing, DOGE was exchanging hands at $0.2388, up 11.25% in the last 24 hours, according to data from Benzinga Pro.

Shares of Bit Origin were up 11% in pre-market trading after exploding 90% to $0.6310 in Thursday’s regular trading session. The stock has jumped over 270% in a month.

BTOG demonstrated a low momentum score as of this writing. If you are looking for high-momentum stocks for your portfolio, try exploring Benzinga Edge Stock Rankings. 

Read Next: 

• Bitcoin Advocate Says BTC Will Emulate 2021 Dogecoin Run: ‘This Thesis Will Retire Your Bloodline’

Photo Courtesy: alfernec on Shutterstock.com