Dogecoin Price Drops 2% as Traders Book Profits After Acquisition
Dogecoin experienced a 12% price rally, reaching $0.24 following Thumzup's acquisition of miner Dogehash for $153.8 million. On August 23, Dogecoin traded at $0.22, reflecting a 2% intraday decline as traders booked profits.
- Thumzup is transitioning to a crypto-focused business and raised $50 million in July 2025 for mining operations.
- Donald Trump Jr. holds approximately 350,000 shares of Thumzup stock, valued at $3.3 million.
- Short traders are actively defending the $0.25 level, with over $81.4 million in shorts clustered around this price.
- Current market sentiment shows long positions at $185 million outpacing short positions at $171 million.
- Dogecoin is consolidating near $0.2498, with resistance at $0.25 and support levels at $0.225 and $0.201.
The Relative Strength Index indicates neutral market conditions, suggesting potential upward movement if key resistance levels are breached.
Additionally, the presale for a new token, Maxi Doge (MAXIDOGE), has raised over $1.27 million, attracting attention from traders seeking high-leverage opportunities.