Dogecoin News Today: Elon Musk's Lawyer Leads $175M Dogecoin Bet as Bulls Eye $0.34 Breakout

Dogecoin has regained attention from investors and analysts, with rising trading volumes and shifting market sentiment pointing to potential price momentum. On Monday, Dogecoin's trading volume surged 150%, following a 10% gain in August that outperformed Bitcoin’s 6% decline for the month. As of the end of August, the coin closed at $0.21, a level that has emerged as a key support zone in recent market volatility [1]. Derivative data further reflects the growing interest in DOGE, with futures volumes increasing by 119% to $5.36 billion, despite a 4.7% decline in open interest to $3.24 billion [1].

The drop in open interest suggests a strategic reshuffling among traders, particularly with bullish participants closing $7.61 million in long positions compared to $2.41 million in short contracts. Liquidation heatmaps also reveal a strong short-seller dominance on Monday, with $262 million in leverage compared to $172 million in long exposure [1]. Notably, the largest concentration of leverage is at $0.21, where bullish traders have deployed $42 million in longs over the past week [1]. This level is seen as crucial for sustaining the current base and fueling a potential upward move in September.

Market analyst DogeLord has projected a 900% rally in Dogecoin prices if the coin can maintain its $0.21 support. His chart analysis suggests that sustained holding above this level could push DOGE toward $0.34 resistance, with further potential to reach $0.75 or even retest prior all-time highs above $2 [1]. These forecasts, while optimistic, hinge on bulls converting their leveraged positions into an actual breakout.

On the other hand, CleanCore Solutions announced the formation of a Dogecoin treasury, led by Elon Musk’s attorney, Alex Spiro. The company secured a $175 million investment to acquire DOGE, marking one of the first official Dogecoin treasuries backed by the Dogecoin Foundation and the House of Doge [2]. The move is intended to align with the community-driven origins of the coin while creating real utility through institutional backing. The transaction included participation from major crypto players such as Pantera, GSR, FalconX, and Borderless. CleanCore plans to use the proceeds to build a treasury with Dogecoin as its primary reserve asset [2]. Despite the project’s long-term ambitions, Dogecoin has struggled this year, with its price declining 30.6% year-to-date [3].

The broader market environment is also shaping investor sentiment. As the U.S. Federal Reserve is expected to cut interest rates in September, with a near 92% probability according to CME FedWatch data, market conditions could become more favorable for risk-on assets like Dogecoin. Lower borrowing costs may encourage greater risk-taking, potentially benefiting meme coins and other speculative assets [3]. However, macroeconomic concerns, including fears of a potential recession and rising tariffs, remain key risks that could temper bullish momentum [3].

Meanwhile, Shiba Inu (SHIB) and PEPE have also experienced a surge in popularity alongside Dogecoin's rally. SHIB, another meme coin, has seen renewed investor interest, while PEPE has benefited from the broader meme coin trend [1]. The interplay between these tokens reflects a growing cultural and speculative influence on crypto markets, where social media and community-driven narratives play a significant role.

With Dogecoin’s price at a critical juncture and broader market dynamics shifting, the coming weeks will be pivotal in determining whether the coin can break through key resistance levels or face renewed downward pressure.

Source:

[1] Dogecoin Analyst Forecasts 850% Price Rally in September (https://finance.yahoo.com/news/dogecoin-analyst-forecasts-850-price-214254850.html)

[2] Elon Musk's Go-to Lawyer Is Heading a Dogecoin Treasury (https://www.businessinsider.com/elon-musks-go-to-lawyer-alex-spiro-dogecoin-treasury-2025-9)

[3] Down 30% This Year, Is Dogecoin a Good Buy Right Now? (https://www.fool.com/investing/2025/09/04/down-30-this-year-is-dogecoin-a-good-buy-right-now/)