Amid growing hope for Doge ETFs, Dogecoin drops by 7% after a short meeting

Dogecoin Doge has experienced a sharp swing over the past 24 hours, initially surged to 20 cents and then fell to 19.1 cents, representing the 6.63% range.

Meme Coin formed a V-shaped recovery pattern later in the session, with resistance slightly above 20 cents, but resistance remains slightly firm, but volume rises back to $0.192.

News background

• Dogecoin’s latest price action comes amid a series of crypto market reforms, and renewed interest in Meme Tokens.
• Speculations about the potential of Doge ETFs have gained traction, with multi-tiered data showing a 51% chance of SEC approval in 2025. This is a development that allows facility capital to be injected into the market.
• Meanwhile, the integration of Dogecoin and Coinbase’s base network adds functional value and is now introducing wrap doge into the Defi ecosystem for the first time at scale.
• Meme Coin’s ability to approach key levels and elicit large amounts of support suggests that institutional buyers may be quietly building their positions, even when retailers remain cautious.

Technical analysis breakdown

•Doge spiked from $0.196 to $0.204 (4.08%), then turned sharply to $0.191 (range 6.63%).

• Resistance was confirmed at $0.203-0.204 with three rejections (>1B units at 07:00) with heavy volume.

• Support formed at $0.192 with a short rebound from this level despite debilitating.

•Final time fell from $0.192 to $0.190, followed by a V-shaped recovery to $0.192.

• The accumulation label increased in volume by more than 2.3m at the final minute, and the accumulation label appeared.