#Dogecoin (DOGE), the popular dog-themed cryptocurrency, saw a nearly 5% decline during early Saturday trading, reflecting broader weakness across the crypto market. The downturn contributed to approximately $458 million in total market liquidations.
As of the latest data, Dogecoin is trading at $0.1639, down 3.63% over the past 24 hours. Since reaching a monthly high of $0.206 on June 11, $DOGE has trended lower, recording only two positive daily closes out of the last ten. The token briefly dipped to $0.1584 on Friday, where it appeared to find short-term support.
Social Sentiment Remains Strong
Despite the price correction, Dogecoin continues to command attention on social media. According to Santiment, a leading on-chain analytics platform, Dogecoin ranked among the top-trending cryptocurrencies on Friday. Discussions across platforms highlighted topics such as DOGE’s unlimited supply, mining profitability, and its community-driven nature.
Key debates among users included #DOGE: 's long-term valuation, comparison with major cryptocurrencies like Bitcoin and Ethereum, and speculation on future integrations—particularly with Elon Musk’s X platform.
Developments Around the X Platform
Recent developments surrounding X (formerly Twitter) have fueled further speculation. X CEO Linda Yaccarino announced on Tuesday that the platform is progressing toward becoming an all-in-one financial hub. Upcoming features reportedly include in-app investing and trading, along with the long-anticipated peer-to-peer payment system, X Money, which was originally announced by Elon Musk in January.
However, there is currently no confirmation of crypto integration, including support for Dogecoin, within these upcoming features.
ETF Outlook: A New Catalyst?
In parallel, the regulatory landscape may offer a significant catalyst for DOGE. According to James Seyffart, an ETF analyst at Bloomberg, multiple cryptocurrency spot ETF applications—including Dogecoin—are under review, with approvals expected either by next month or later this fall.
Seyffart noted that the question has shifted from "if" to "when", with Dogecoin's approval odds estimated at 90% by year-end. An approval could potentially enhance institutional access and drive renewed interest in the asset.
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Conclusion
While Dogecoin’s short-term price action reflects current market weakness, its sustained social dominance and potential inclusion in future crypto ETFs highlight the token’s enduring relevance. Investors will be watching closely for developments related to X’s financial expansion and the regulatory trajectory surrounding crypto-based investment products.
