Japanese firm Metaplanet made a significant Bitcoin purchase, representative of a growing interest in cryptocurrencies in the East Asian nations.
Metaplanet purchased ~19.87 Bitcoins, worth 200 million Yen or $1.28 million. The company now holds ~118 Bitcoins, worth ¥1.2 billion or $7.7 million.
*Metaplanet purchases additional 19.87 $BTC* pic.twitter.com/RripKe9mEU
— Metaplanet Inc. (@Metaplanet_JP) May 10, 2024
The trend of Japanese firms accumulating crypto assets is not only bullish for Bitcoin but also for doge-inspired meme coins, especially Dogecoin and Shiba Inu. Both the meme tokens have Shiba Inu dogs as their mascots, a breed that is native to Japan.
Given Japan’s strong cultural values, it would not be surprising to see Japanese investors purchasing Shiba Inu meme coins such as Doge, Shib and even new tokens such as Dogeverse.
Why Metaplanet Stacking Bitcoin Signals A Much Larger Trend?
Metaplanet is currently at the start of its Bitcoin accumulation journey. The company recently hired Bitcoin maximalist Dylan LeClair as its Director of Bitcoin Strategy.
Popular crypto trader Mitchell believes that the hire of LeClair highlights the possibility of Metaplanet wanting to execute the MicroStrategy playbook.
Considering @Metaplanet_JP just hired @DylanLeClair_ to execute the MicroStrategy #Bitcoin playbookI’m gonna go out on a limb and say there’s probably significant upside potential on their stockWe saw how this played out for $MSTRNot financial advice pic.twitter.com/zND2FXu9dW
— Mitchell 🇺🇸🚀 (@MitchellHODL) May 9, 2024
For the uninitiated, Bitcoin bull Michael Saylor’s MicroStrategy venture now holds over $13 billion worth of BTC, more than even the United States.
Mitchell also reveals that this bodes well for the Metaplanet stock, as shown by the explosive growth in MicroStrategy’s MSTR.
In the stock market and Wall Street, the success of one inspires others. If MetaPlanet’s stock surges owing to its BTC accumulation strategy, it would likely result in a significant rise in crypto investing in Japan.
Metaplanet is also not the only Japanese giant purchasing cryptocurrencies. Japan’s trillion-dollar Government Pension Investment Fund has been exploring the possibility of investing in Bitcoin.
Recently, the Hong Kong Securities and Futures Commission approved spot Bitcoin and Ethereum ETFs. Now the CEO of one of the ETF issuers, Harvest, is showing interest in putting the ETF on Stock Connect, allowing mainland Chinese investors to buy it.
East Asian nations are quickly becoming a force in the crypto arena. China approving cryptocurrencies will be the final domino to fall.
As previously mentioned, Japan’s increasing interest in cryptocurrencies would not be limited to Bitcoin.
As such, both smart-money traders and retail investors prefer to trade meme coins, both because of their simplicity as well as price potential. Combined with the strong cultural ties to the Shiba Inu dog breed, doge-inspired meme coins such as Dogecoin and Shiba Inu could be in high demand in Japan.
Could Dogeverse Be The Next 100x Meme Coin?
Dogecoin and Shiba Inu already have a significant market capitalization and therefore could only offer limited returns.
On the other hand, new meme coins such as Dogeverse are being backed by experts to deliver up to 100x returns.
Indeed, the Dogeverse token is in high demand, having already raised over $15 million in its ICO due to its revolutionary multi-chain feature.
In fact, Dogeverse is the first multi-chain meme coin to launch on six different blockchain ecosystems, including Ethereum, Solana, BNB Chain, Polygon, Avalanche and Base.
This move is already proving to be a game changer, as shown by its impressive presale figures. However, its real significance will become apparent after the meme coin’s launch.
Every blockchain has its own DEX, CEX and tracking tools with a unique set of investors. Dogeverse will launch on each of these platforms, grabbing maximum eyeballs and ballooning its price potential.
This also allows investors to enjoy the best of each blockchain. For instance, investors buying Dogeverse with ETH can stake their holdings and accumulate attractive passive income. The current staking reward rate is 62%, much higher than the industry average.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
