PANews reported on July 22 that according to The Block, small crypto mining company Bit Origin (stock code BTOG) announced the completion of the first batch of DOGE (Dogecoin) purchases, a total of 40,543,745 DOGE, with an average purchase cost of about $0.2466 per DOGE. The purchase was less than a week after the company announced the establishment of a $500 million Dogecoin corporate treasury last Thursday.

The company's CEO Jinghai Jiang mentioned in the statement that based on the understanding of the proof-of-work mechanism, he believes that the application potential of Dogecoin in the field of micropayments is approaching a turning point. The announcement specifically pointed out that the plan was partly inspired by Musk and his social media platform X's "super application" vision.