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Steve Muchoki
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Key Notes
- The NYSE Arca filed a proposed rule change with the US SEC on Monday to list and trade shares of Bitwise Dogecoin ETF.
- Dogecoin price has been following Bitcoin in the recent few months amid a highly anticipated altseason.
As Bitcoin price BTC $93 351 24h volatility: 0.2% Market cap: $1.85 T Vol. 24h: $31.00 B led the wider crypto market in bearish sentiment, triggering a forced leveraged liquidation of more than $1 billion, the memecoin industry, led by Dogecoin DOGE $0.18 24h volatility: 0.6% Market cap: $26.61 B Vol. 24h: $1.54 B , was heavily impacted. The total market cap of the memecoin industry dropped by around 20% in the past 24 hours to hover about $57 billion at the time of this writing.
Dogecoin price obliterated all the gains made over the weekend on Monday after the United States President Donald Trump announced a strategic crypto reserve. The large-cap memecoin, with a fully diluted valuation of about $28.5 billion and a daily average trading volume of around $2.68 billion, dumped over 12% in the past 24 hours to trade about $0.192 on Tuesday.
Dogecoin price moved in tandem with the wider crypto market, which reacted to the escalation of the US-led tariff trade wars. On Monday, President Donald Trump said that the 25% tariff on imports from Canada and Mexico will be implemented beginning today. In response, Canada said that the country will enact a 25% tariff on $155 billion American goods effective today.
Midterm Targets for Dogecoin Price
From a technical analysis standpoint, the Dogecoin price has been trapped in a correction mode in the past three months but remains in a macro bullish trend. In the weekly timeframe, DOGE price has been trading below a crucial support range between 19 cents and 21 cents.
The weekly Relative Strength Index (RSI) dropped below 50%, signaling the bears are in control. Consequently, DOGE price is likely to drop 23% toward the support level around $0.145, which coincides with the 0.786 weekly Fibonacci Retracement.
Meanwhile, crypto analyst Ali Martinez believes that DOGE price is preparing for a major uproar towards $4 if the buyers hold the support range between $0.16 and $0.19.
If #Dogecoin $DOGE holds above the $0.16 to $0.19 support, the path remains open for a potential move to $4! pic.twitter.com/8bCUiNQewQ
— Ali (@ali_charts) March 2, 2025
Fundamental Outlook
As the second largest digital asset secured via the legendary proof-of-work (PoW) consensus method, the Dogecoin network has attracted significant attention from both retail and institutional investors in the past years. Backed by tech billionaire Elon Musk, the dog-themed memecoin has remained relevant over the years amid the significant uprising of new memes on different chains led by Solana (SOL).
On Monday, the New York Stock Exchange Arca filed a proposed rule change to list and trade shares of Bitwise Asset Management Dogecoin exchange-traded fund (ETF). According to the US SEC filing, Coinbase Global Inc (NASDAQ: COIN) will act as Dogecoin custodian, while the Bank of New York Mellon will act as the cash custodian.
The approval rate of a spot DOGE ETF in the United States remains high under the Trump administration, which has already dropped several cases and investigations against crypto firms. According to Polymarket, the odds of a spot Dogecoin ETF approval in the United States by the end of this year surged by 29% in the past 24 hours to about 66%.
As a result, on-chain data shows that whale investors, with a balance of between 100 million and 1 billion coins, added 1 billion DOGE units in the last 3 days, thus currently holding around 25.3 billion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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