Dogecoin (DOGE) has recently continued its upward trend, reaching a high of $0.24 during intraday trading on August 17 (Sunday), potentially marking the third consecutive trading day of gains. This surge is closely related to Grayscale's actions — the firm submitted an S-1 registration document to the U.S. Securities and Exchange Commission (SEC) on August 15, seeking to launch a Dogecoin spot ETF.
This proposed Dogecoin ETF is the latest addition to the institutional applications currently under review by the SEC, following similar applications submitted by Bitwise, REX-Osprey, and others. In addition to Dogecoin, the SEC is also reviewing ETF proposals for various meme coins such as TRUMP, BONK, and Pudgy Penguins, highlighting the growing interest of institutions in the meme coin space — it is worth noting that this sector has long been regarded as a niche market dominated by retail investors.
It is noteworthy that
The timing of Grayscale's application coincides with the SEC's decision to postpone rulings on Solana ETF proposals submitted by institutions such as Bitwise, 21Shares, and VanEck until October; meanwhile, 21Shares has also separately submitted a Dogecoin ETF application. Even in the face of SEC approval delays, this asset management firm, which manages $60 billion in assets, has chosen to advance its Dogecoin ETF application, indicating its confidence in potential approval.
From the derivatives market data (Coinglass, August 17, 2025), short-term speculative traders still seem to be the main drivers of Dogecoin's price increase. The data shows that on Sunday, DOGE's open interest surged by 7.3% to $3.73 billion, indicating an influx of $272 million in new capital that day. Even though the spot trading volume dropped by over 41%, interest in the asset remains strong.
Clearing data also confirms the market's short squeeze situation: In the past 24 hours, short sellers lost $2.8 million, while long position liquidations amounted to $711,000, indicating that bearish bets are being forced out of the market. If this bullish momentum continues, Dogecoin's price may break above $0.25 in the coming week.
Dogecoin Price Prediction: ETF Hotspot Faces Technical Barriers
However, from a technical perspective, Dogecoin's price is facing key resistance — the $0.24 level has become a direct resistance point (TradingView data), and it needs to consistently close above this level to trigger further upward movement, aiming to challenge the local high of $0.27 tested in mid-July.
There is strong support in the downward direction, with short-term support located at $0.22, which aligns with the recent consolidation area and the trend of retail investors increasing their positions. If this support level is breached, the price may retest $0.20 — this price point attracted a significant amount of buying interest during the market rebound in early August.
The current RSI indicator is at 57.8, which has not yet reached the overbought area, suggesting that if the increase in open interest triggers more short squeezes, Dogecoin still has room for growth and is likely to break through the key psychological resistance level of $0.25.
