Dogecoin Price Surges 5% Amid Foundation’s 10 Million DOGE Purchase
Dogecoin's price rose by 5% in the last 24 hours to $0.1852, with trading volumes increasing 111% to $1.58 billion, indicating bullish sentiment. This surge follows the Dogecoin Foundation's announcement of the "Official Dogecoin Reserve" aimed at enhancing stability and attracting institutional investors.
Dogecoin Foundation to Build DOGE Reserves
The initiative includes purchasing 10 million DOGE, valued at approximately $1.8 million, to ensure long-term price stability. Institutional interest in meme coins is rising, with a 72% probability of a Dogecoin ETF launching by year-end 2025, up from 27% in January.
Is Dogecoin Price Preparing for a 100% Rally?
Technical analysis shows Dogecoin holding above support levels of $0.16, with a falling wedge pattern suggesting potential upward momentum. Analysts predict a possible rally to $1 based on strong on-chain data.
- Dogecoin open interest surged to $1.80 billion, recovering from a low of $1.33 billion.
- Weekly funding rates turned positive at 0.157% after being negative recently.