Dogecoin (DOGE) continues its recent uptrend, reaching $0.24 intraday on August 17 (Sunday), potentially marking its third consecutive day of gains. Its upward momentum is closely related to Grayscale's S-1 registration application for a spot Dogecoin ETF submitted to the SEC on August 15.
ETF expectations ignite Dogecoin's rally
Grayscale's Dogecoin ETF application is the latest institutional proposal under review by the SEC, following similar applications submitted by Bitwise and REX-Osprey. Meanwhile, the SEC is also reviewing several meme coin ETF proposals, including TRUMP, BONK, and PudgyPenguins. This indicates that the meme coin market, long dominated by retail investors, is gradually attracting the attention of institutional investors, showcasing new growth potential.
Institutions bet on new opportunities in meme coins
Despite the SEC delaying its decision on the Solana ETF applications from Bitwise, 21Shares, and VanEck, Grayscale, which manages $60 billion in assets, remains optimistic about potential approvals. Market expectations for ETFs are driving up the price of Dogecoin, and institutional participation is further injecting confidence into the market.
Derivatives market data shows that short-term speculative trading plays a leading role in the rise of Dogecoin's price. According to Coinglass statistics, on Sunday, DOGE's open contracts increased by 7.3% to $3.73 billion, with a new capital inflow of $272 million, despite spot trading volume dropping by over 41%.
Clearing data shows that in the past 24 hours, shorts lost $2.8 million, while longs lost $711,000, indicating that shorts are facing a squeeze. If the bullish trend continues, the price of Dogecoin could break through $0.25 within a week.
Price breakout under short squeeze
From a technical perspective, Dogecoin faces a key resistance level at $0.24. TradingView data shows that it needs to consistently break through this level to further push the price to the mid-July high of $0.27.
On the downside, the support level of $0.22 remains solid, consistent with the recent consolidation range and the trend of retail investors increasing their holdings. If this support is broken, the price may test $0.20, which attracted a large amount of buying during the market rebound in early August. The current RSI is 57.8, not yet in the overbought area, indicating there is still room for upward movement.
If open contracts continue to grow and trigger more short squeezes, the price of Dogecoin is expected to break through the psychological resistance level of $0.25, paving the way for further increases. Dogecoin (DOGE) continues its recent uptrend, reaching $0.24 intraday on August 17 (Sunday), potentially marking its third consecutive day of gains. Its upward momentum is closely related to Grayscale's S-1 registration application for a spot Dogecoin ETF submitted to the SEC on August 15.
ETF expectations ignite Dogecoin's rally
Grayscale's Dogecoin ETF application is the latest institutional proposal under review by the SEC, following similar applications submitted by Bitwise and REX-Osprey. Meanwhile, the SEC is also reviewing several meme coin ETF proposals, including TRUMP, BONK, and PudgyPenguins. This indicates that the meme coin market, long dominated by retail investors, is gradually attracting the attention of institutional investors, showcasing new growth potential.
Institutions bet on new opportunities in meme coins
Despite the SEC delaying its decision on the Solana ETF applications from Bitwise, 21Shares, and VanEck, Grayscale, which manages $60 billion in assets, remains optimistic about potential approvals. Market expectations for ETFs are driving up the price of Dogecoin, and institutional participation is further injecting confidence into the market.
Derivatives market data shows that short-term speculative trading plays a leading role in the rise of Dogecoin's price. According to Coinglass statistics, on Sunday, DOGE's open contracts increased by 7.3% to $3.73 billion, with a new capital inflow of $272 million, despite spot trading volume dropping by over 41%.
Clearing data shows that in the past 24 hours, shorts lost $2.8 million, while longs lost $711,000, indicating that shorts are facing a squeeze. If the bullish trend continues, the price of Dogecoin could break through $0.25 within a week.
Price breakout under short squeeze
From a technical perspective, Dogecoin faces a key resistance level at $0.24. TradingView data shows that it needs to consistently break through this level to further push the price to the mid-July high of $0.27.
On the downside, the support level of $0.22 remains solid, consistent with the recent consolidation range and the trend of retail investors increasing their holdings. If this support is broken, the price may test $0.20, which attracted a large amount of buying during the market rebound in early August. The current RSI is 57.8, not yet in the overbought area, indicating there is still room for upward movement.
If open contracts continue to grow and trigger more short squeezes, the price of Dogecoin is expected to break through the psychological resistance level of $0.25, paving the way for further increases.
