Meme token climbs to $0.24 peak with volume nearly doubling monthly averages, signaling institutional activity behind the rally.

News Background

• The Federal Reserve signaled a softer stance on crypto banking rules, while Wyoming launched the first state-backed stablecoin. Both developments lifted sentiment around digital assets.
• Trump-linked entity Thumzup completed a $50 million acquisition of Dogecoin mining firm Dogehash, forming what executives claim is the largest DOGE mining operation.
• SoFi became the first U.S. banking institution to integrate Bitcoin’s Lightning Network for remittances, reinforcing broader institutional adoption of crypto infrastructure.
• Whale wallets accumulated 680 million DOGE tokens through August, cementing rising institutional flows despite retail-driven volatility.

Price Action Summary

• DOGE rallied 8% in the Aug. 22–23 session, climbing from $0.22 to $0.24 in a $0.02 range.
• The sharpest move came at 14:00 GMT on Aug. 22, when DOGE spiked from $0.21 to $0.23 on 4.27B volume, nearly quadruple the hourly average.
• Support now holds at $0.21 after a successful retest, while resistance capped gains at the $0.24 psychological level.
• A late-session surge added 1% from $0.23 to $0.24, with a volume peak of 28.1M at 04:52 GMT confirming accumulation.
• Price action shows consecutive higher lows, suggesting sustained buying pressure and potential trend continuation.

Market Analysis

DOGE’s breakout aligns with a broader crypto rebound as risk appetite improved across equities and digital assets. The combination of Fed policy recalibration, state-level stablecoin adoption, and a high-profile mining acquisition amplified institutional participation in a token often viewed as purely retail-driven.

The $0.24 level remains a critical inflection point. A sustained breakout could open momentum targets toward $0.26, while failure risks renewed retests of $0.21 support.

Technical Indicators

• 24-hour gain of 8% from $0.22 to $0.24 with $0.02 trading range.
• Volume spiked 97% above 30-day average with 4.27B tokens traded.
• Support confirmed at $0.21 following intraday retest.
• Resistance hardened at $0.24 psychological threshold.
• Consecutive higher lows point to bullish structure.
• Volume surge of 28.1M at 04:52 GMT validates institutional flows.

What Traders Are Watching

• Whether DOGE can establish $0.24 as support for a clean breakout toward $0.26.
• Ongoing whale accumulation trends versus potential retail profit-taking at resistance.
• Impact of Wyoming’s state-backed stablecoin launch on memecoin liquidity flows.
• Futures open interest reaction after heavy spot-driven rally.

Author

Julia Smith

Author

Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated: 

August 19, 2025

Senate Banking Committee Chairman Tim Scott said he believes that 12 out of 18 Democrats will back the Digital Asset Market Clarity (CLARITY) Act during a major crypto symposium stateside on August 19.

A Dozen Dems May Get Behind CLARITY Act, Tim Scott Says

Speaking at the SALT Wyoming Blockchain Symposium 2025 on Tuesday, Scott revealed he predicts that a majority of Democrats will vote in favor of the key crypto legislation.

“I believe that we’ll have at least 12 and 18 Democrats at least open to voting for market structure,” Scott said.

“The forces against it, let me just say clearly, like Senator Elizabeth Warren, standing in the way of Democrats wanting to participate, it is a real force to overcome,” he added.

Key Democrats Push Back On Crypto Legislation

During a recent fireside chat with Subcommittee on Digital Assets Chair Cynthia Lummis (R-Wyo.) and Executive Director of the President’s Council of Advisers on Digital Assets Bo Hines, Scott announced that he was “making sure” the market structure legislation would be completed by September 30.

Meanwhile, the GENIUS Act was officially ratified last month at a White House signing ceremony, where U.S. President Donald Trump praised the landmark stablecoin bill.

“Let me say, the entire crypto community, for years you were mocked and dismissed and counted out,” the president said. “You were counted out as little as a year and a half ago—but this signing is a massive validation.”

Key players in the Democratic Party, however, have pushed back against certain pieces of crypto legislation.

In July, Representative Maxine Waters (D-CA) launched “Anti-Crypto Corruption Week,” where she called both the CLARITY and GENIUS Act “especially dangerous.”

“The CLARITY and GENIUS bills wrap themselves in the flag of innovation, but all they really do is replicate the same mess that led to past financial crises: They call for few regulations, minimal enforcement, weak consumer protections, and more industry consolidation,” Waters said.

Hon Kong’s The Stablecoin licensing framework officially made its appearance on August 1st. this This is the first time the city has introduced a legal structure exclusively for Fiat Peg digital tokens. With this move, the Hong Kong Monetary Authority (HKMA) is responsible for approving which companies can issue Stablecoins and how they can operate. The new law will be applied soon.

What Stablecoin publishers currently need

Under the new rules, companies offering Hong Kong or US dollar-backed stubcoins must obtain a license from HKMA. It doesn’t matter whether the company is based in Hong Kong or operates overseas. The requirements are strict. Issuers should always maintain full reserves, clearly separate customer funds from their own funds, and ensure that users can redeem the tokens quickly. They’ll do that They are also subject to audits, compliance checks and reviews to ensure that the leadership team meets be standard.

The license is public, but approval will come later

The law is currently in force, license do not Being distributed immediately. HKMA says it will begin issuing approvals in early 2026. The first wave is granted a limited number of licenses, and businesses hope to become one of the first needs to move quickly. The interest deadline is August 31, 2025. full You must submit the application By September 30th. That timeline sets a clear pace for serious candidates.

Discover: 9+ Best High Risk, High Reward Crypto Buy in August 20125

Misleading marketing involves penalties

HKMA revealed that no one should promote themselves as a licensed publisher actually teeth. Companies doing so may face consequences. Only licensed entities are permitted to promote stablecoins to the public. The regulator takes a step-by-step approach, and this early stage teeth clearly meaning Set tone and limit hype.

24 hours7d30D1Yeverytime

Some big names are already included in the mix

Several major companies have already expressed interest. JD.com, Ant Group, and Standard Chartered are among those preparing to register. Some are looking to issue Hong Kong dollar stub coins, while others are considering tokens backed by US dollars or offshore. However, if a company plans to use Chinese Yuan, HKMA expects full Transparency regarding reserves and intended use cases.

Discovery: Next 1000x Ciphers: 10+ Ciphers tokens that could hit 1000X in 2025

Crypto fundraiser is picking up steam

The policy launch coincided with the wave of Hon’s fairness activities Kong’s Fintech sector. In July, the digital asset company raised more than $1.5 billion in fresh capital. Groups such as OSL, Dmall, and Sensetime are reportedly planning new products related to stablecoins or tokenized bonds. there is clearly The momentum behind regulated crypto projects in the region.

Small player barriers

All this sounds promising, but the entry bar is high. Small startups can suffer from the cost of compliance. Serious resources are required to maintain proper reserves, audit infrastructure and security capabilities. It may concentrate the market among large companies for now.

Why is this movement important?

This regime is part of a broader push to make Hong Kong a leading digital asset hub. Authorities are trying to find a midpoint between encouraging innovation and protecting users. With clear rules in books, Hong Kong is one of the few financial centres. Completely regulate tokens that have been phiatbacked.

The road ahead

The application is open, but it takes some time for the original license issuer to be published. Observers are looking to see who qualifies and whether smaller players can realistically compete. The criteria set here could affect how other markets respond to Stablecoins over the coming months.

Discover: 20+ Next Cryptocurrency to Explode in 2025

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On August 1, 2025, we will add 64 new eligible spot trading pairs to the Kraken Pro manufacturer fee incentive structure. It launched in late June to encourage deeper liquidity and improve market efficiency. We are pleased to announce today that we are expanding the amount of eligible pairs.

Additionally, new pairs listed on Kraken Pro after August 1, 2025 will be subject to a new manufacturer fee schedule with the aim of jumping liquidity in the newly listed pairs and tightening the spread.

New pairs added

Quick summary: What is the incentive structure for manufacturer fees?

This promotion introduces lower manufacturer fees across all manufacturer fee tiers due to the selected number of low liquidity pairs. Users in the $10 million + 30d volume pricing tier are also eligible to win manufacturer fees.

New fees apply Only manufacturer transactions Above Target spot pair. If eligible, you will receive an instant rebate upon trade execution based on a 30-day Kraken Spot Trading volume. Taker’s trade fees remain unchanged.

Click here for a complete list of currently eligible pairs.

Bitcoin’s rally to $120,000 this week has sparked a broader breakout across major crypto assets, with ether (ETH), Solana’s SOL, XRP, and dogecoin

all posting high single-digit percentage gains.

However, this time, price action isn’t just about momentum, as traders claim that market structure is evolving under the weight of institutional influence.

“This isn’t a frenzied boom with no foundation,” said Seamus Rocca, CEO of Xapo Bank. “It’s a measured ascent, backed up by large institutional players with the long-term in mind.”

Rocca pointed to tight monetary policy and geopolitical volatility as reinforcing Bitcoin’s emerging role as a macro hedge, adding that “the momentum we’ve seen over the last 48 hours is clear. Bitcoin isn’t just growing in value, but also as a genuine asset class that is rivalling traditional finance.”

Ethereum, up over 17% on the week and briefly crossed $3,000, remains a primary beneficiary. “In Q2, corporate treasury purchases of BTC outpaced inflows into spot ETFs,” said the analytics team at Bitcoin yield protocol TeraHash in a note to CoinDesk.

“That points to strategic positioning. At the same time, custodians like Anchorage and Fidelity are scaling institutional pipelines, while OTC desks are tightening spreads.”

Solana, now trading around $163, gained over 11% on the week amid renewed demand across retail and memecoin ecosystems. The chain continues to act as a high-beta proxy for risk-on sentiment. XRP, meanwhile, jumped 25%, benefiting from both a technical breakout and rising speculation around regulatory resolution.

“Price action may grab the spotlight,” TeraHash added, “but the real breakthrough this summer is structural.”

The altcoin move is broad-based. Dogecoin has rallied 23% over the past week, driven by increased retail participation through platforms like Robinhood and Binance. XRP volumes have spiked on Korean exchanges, while Cardano, TRX, and AVAX are all trading firmly in the green.

Meanwhile, Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad said that “strong bitcoin rallies are often followed by significant movements in altcoins with a slight delay — and a potential comeback of meme coins can’t be ruled out either.”

But not everyone sees a straight line up.

“Despite briefly touching this key milestone, BTC remains below a major resistance zone,” said Ruslan Lienkha, Chief of Markets at YouHodler, said in an email.

“A decisive breakout and sustained move above this level could trigger a sharp upward rally, potentially targeting the $130,000 range,” Lienkha added.

Author

Julia Smith

Author

Julia Smith

About Author

Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated: 

June 27, 2025

Senator Tim Scott (R-SC) says U.S. lawmakers are looking to have crypto market structure legislation completed by September of this year.

Tim Scott Sets September 30 Crypto Market Structure Deadline

Appearing in a fireside chat on Capitol Hill alongside fellow Senator Cynthia Lummis (R-WY) and the head of the President’s Council of Advisers on Digital Assets of the White House, Bo Hines, Scott said he is eyeing a September 30 deadline to finalize the long-awaited legislation.

“I think that is a realistic expectation,” the Chairman of the U.S. Senate Banking, Housing, and Urban Affairs Committee said.

“As stated today, we are committed to getting market structure done by the end of September,” Hines said in a June 26 X post. “Period.”

Key Crypto Players Celebrate

Following the news, several key crypto heavyweights shared their enthusiasm over the digital assets development.

“A clear path forward,” Coinbase CEO Brian Armstrong said. “Thank you, David Sacks for delivering the White House’s commitment to work with Senator Tim Scott and Senator Cynthia Lummis to deliver market structure legislation by September 30.”

“Getting comprehensive crypto market structure legislation passed has been sorely needed for years,” said Colin McCune, Head of Government Affairs at a16z. “We’re incredibly supportive of this effort to make it happen by September 30.”

“American consumers and crypto builders need clear, effective rules, and we stand ready to help get this done,” he added.

Scott’s updated legislative timeframe comes amid a groundswell of congressional crypto activity under a new crypto-friendly White House.

Earlier this month, the Senate passed the GENIUS Act, marking a win for the landmark stablecoin legislation.

In an appearance on CNBC this week, Lummis warned that Congress must pass both crypto market structure legislation and the GENIUS Act by the end of 2025.

“I’m not saying combine them, but they both need to pass this year,” Lummis said.

With a September 30 deadline now in the works for the crypto market structure bill, it looks as though 2026 may start with new crypto guidelines.

Chainlink (LINK) is up 21% from its Sunday lows, gaining momentum in an otherwise uncertain macro and geopolitical environment. While global tensions continue to spark volatility across markets, Chainlink has stood out for its resilience, supported by a series of strong partnerships and growing on-chain fundamentals. The recent price action signals a potential shift in trend, but analysts warn that a confirmed breakout is still needed before bulls can fully take over.

Related Reading

Top analyst Henry Lord of Alts highlighted that LINK has endured months of persistent downtrend and unusually quiet price behavior. However, recent moves suggest that something is changing beneath the surface. Volume is increasing, volatility is picking up, and LINK is forming a base structure that could mark the end of its accumulation phase.

Despite this strength, Chainlink remains technically locked within a consolidation range. A clean breakout above key resistance levels will be critical to trigger the next phase of upward momentum. Until then, traders are cautiously optimistic as LINK teases a larger move.

Chainlink Prepares For A Decisive Move

Chainlink is currently trading over 25% below its May high, reflecting the broader market impact of rising macroeconomic uncertainty and geopolitical tensions, especially the recent Middle East conflicts. Despite these pressures, LINK has managed to hold within a steady consolidation range, signaling resilience as the crypto market awaits its next decisive move.

Maintaining prices above current levels is crucial. A breakdown here could open the door for deeper corrections. However, analyst Henry believes the tides may be turning. According to Henry, Chainlink has endured months of downtrend and silence, but a structural shift is now underway. His analysis highlights that the long-standing downtrend has been broken, and LINK has entered a clear accumulation and consolidation phase.

“These zones often come before the loudest moves,” Henry notes. Historically, such phases have preceded explosive rallies, and this time may be no different. If momentum picks up, a breakout toward the $25–$30 range wouldn’t be surprising.

Henry also points out that periods of inactivity often mask the actions of smart money—buying quietly before the broader market catches on. While it’s easy to overlook assets during calm phases, that’s often when the groundwork for major moves is laid. For now, Chainlink remains on watch.

Related Reading

LINK Price Analysis: Signs of Reversal Emerge

Chainlink is showing early signs of a trend reversal after months of consistent decline. As seen in the 12-hour chart, LINK recently rebounded from the $11.50 level and is now trading above $13.20. This recovery follows a steep drop that marked a new local low, but the bounce has pushed the price above the 50-day simple moving average (SMA), now acting as short-term support at $13.50.

Importantly, LINK is now testing the 100-day SMA (around $14.65), which previously served as resistance in late May and early June. If bulls manage to break and consolidate above this level, the next target lies near the 200-day SMA at $14.16—a confluence zone that may act as a critical decision point for trend continuation or rejection.

Related Reading

While the macro structure remains bearish, this short-term accumulation range suggests growing demand, especially as the price begins to form higher lows. A clear break above $14.65 with volume could confirm the breakout and signal the start of a larger move toward the $17–$18 range.

Featured image from Dall-E, chart from TradingView

Many members of the US Senate Banking Committee’s subcommittee on digital assets were not present for a hearing to discuss market structure.

In a Tuesday hearing, “exploring bipartisan legislative frameworks for digital asset market structure,” the subcommittee chair, Cynthia Lummis, said there had been “a lot of competing committees” on the schedule for the day, which may have explained why only five senators out of the 11 typically on the subcommittee were available to ask questions to former regulators and industry experts. 

Republican senators Dave McCormick, Bill Hagerty and Bernie Moreno joined Lummis, another Republican, and Senator Angela Alsobrooks to ask questions of former US Commodity Futures Trading Commission Chair Rostin Behnam, Coinbase’s vice president of legal, Ryan VanGrack, Multicoin Capital’s general counsel, Greg Xethalis and University of Pennsylvania Wharton School Executive Director, Sarah Hammer.

The lawmakers questioned the experts on the principles behind the Senate’s potential introduction of legislation to establish a crypto market structure bill after its successful passage of a stablecoin bill, the GENIUS Act. Lummis seemed to acknowledge the lack of participation in the hearing, noting that she didn’t “want to come up with a piece of legislation that the other side of the aisle feels they haven’t had adequate input in.”

“I don’t understand what’s changed, at least with regard to this topic,” said Lummis on bipartisan engagement around crypto bills. “Now, I understand what happens when you have a set of leaders that are not engaged in digital assets, and then in comes an administration that has family members that are engaged in digital assets, and maybe that’s what this is about. Maybe this is about concern that certain people that have family members in the administration are going to be advantaged in some way by what we’re doing.”

Alsobrooks, the sole Democratic lawmaker appearing at the hearing, was not a regular member of the subcommittee and appeared to be sitting in for the ranking member, Ruben Gallego. She was a cosponsor of the original GENIUS Act and voted in favor of the amended bill.

Related: Despite Trump’s backing, crypto is choosing MiCA over America: Paybis

Clarity for digital assets originating from the House or Senate?

Moreno also questioned why the proposed legislation appeared to be a partisan issue for many lawmakers, though neither he nor Lummis mentioned US President Donald Trump by name in discussing potential conflicts of interest with the crypto market structure or stablecoin bills.

Many Democrats in the Senate already voted with Republicans to pass the GENIUS Act on June 17, but some have suggested that they would continue to oppose legislation without a carve-out to address the president’s ties to the crypto industry. 

The proposed market structure legislation in the Senate follows efforts in the House of Representatives to pass its own bill, the Digital Asset Market Clarity, or CLARITY Act. The legislation moved out of committee in June and is expected to be considered for a floor vote soon.

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