[//]:content-type-MARKDOWN-DONOT-DELETE ![](https://gimg2.gateimg.com/image/ann_en202507221449143961067196.webp) - Market Commentary: BTC price shows a pattern of high-level fluctuation. After finding support near $116,600, BTC rebounded but failed to break through the $118,500 resistance level despite multiple attempts. ETH price is fluctuating at a high level around $3,800, showing signs of short-term fatigue. After breaking through $3,700, ETH briefly touched the $3,800 mark but failed to further surpass the key resistance level of $4,000. - Top Tokens: PENGU, RAY, and KAS have performed impressively in this market cycle. On July 21, the PENGU token price surged by 21.73%. Recently, Pudgy Penguins' imagery has frequently appeared on globally recognized landmark buildings, a high-visibility marketing strategy that has significantly boosted brand awareness and attracted more investor interest. The RAY token price rose by 20.69%, with Raydium's TVL steadily climbing above $2 billion. The low ratio of its circulating market cap to TVL suggests that RAY's token price may be undervalued, potentially drawing more value investors and further driving price increases. The KAS token price increased by 19.77%. From a technical analysis perspective, the KAS/USDT trading pair broke through the key resistance level of $0.10 on the daily chart, accompanied by a significant increase in trading volume, indicating stronger buying pressure. The Relative Strength Index (RSI) is currently in the 60-70 range, suggesting bullish market sentiment without yet reaching overbought territory. - Alpha Insight: Nasdaq-listed company Bit Origin announced the completion of its first Dogecoin purchase, totaling 40,543,745 DOGE at an average purchase price of about $0.2466, amounting to approximately $10 million. Ethena Labs announced a $360 million PIPE transaction with StablecoinX, while its foundation has initiated a $260 million ENA public market buyback plan to support the establishment of ENA reserves. Bittensor ecosystem company xTAO announced it will be listed on the TSX Venture Exchange in Canada on July 23, under the ticker symbol XTAO.U. - Gate Launchpool: Gate platform is currently conducting a subscription event for Yooldo Games (ESPORTS). Users can receive a total of 803,571 ESPORTS tokens for free by staking BTC or ESPORTS before July 25, 2025, at 12:00 (UTC). Yooldo is a multi-chain Web3 gaming platform that simplifies the user onboarding process through an interface similar to centralized exchanges, while enabling true digital ownership through NFTs and token-based assets. Discover more details today → Bit Origin Invests Approximately $10 Million in DOGE | PENGU Surges Over 20% in a Single Day | Gate Research Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights. Disclaimer Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions. Gate Team July 22, 2025 **Gateway to Crypto** Trade over 3,500 cryptocurrencies safely, quickly, and easily on Gate **Take Action Now** Sign up and claim up to $10,000 in welcome rewards Invite friends and earn a 40% commission **Stay Connected** Visit Gate's official website Download the Gate App | Desktop Follow us on X (Twitter) to get more bonuses Join our Telegram community to discuss trending topics Engage with our global community for the latest insights **Transparency & Security** Check our 100% Proof of Reserves

Gate Research: Bit Origin Invests Approximately $10 Million in DOGE | PENGU Surges Over 20% in a Single Day