Dogecoin News Today: Elon Musk's Legal Team Could Propel Dogecoin to New Heights

Dogecoin (DOGE) appears to be gaining traction in early September 2025, with analysts and market observers highlighting renewed momentum in both price and trading activity. The memecoin closed August at $0.21, rebounding from a 6% decline in Bitcoin’s price during the same period. This outperformance has sparked speculation about a potential breakout in the coming months. According to Coinglass data, DOGE futures trading volumes surged by 119% to $5.36 billion, although open interest fell by 4.7% to $3.24 billion. The reduction in open interest suggests a strategic reshuffling of positions, particularly by bullish traders who closed $7.61 million in long contracts, compared to $2.41 million in short contracts.

The most recent price developments also reflect a growing concentration of leveraged positions at the $0.21 level, where bull traders have deployed $42 million in long positions over the past week. This level has become a crucial support zone, especially amid broader market corrections led by Bitcoin in late August. Analysts suggest that if this support holds, it could provide the necessary momentum for a more decisive upward move in September. However, a breakdown below $0.21 could expose DOGE to further downside, potentially pushing the price toward $0.17 and stronger support at $0.13.

Market analyst DogeLord, who has 12,500 followers on social media, recently suggested the possibility of a “propulsion candle” in September, signaling a potential breakout for Dogecoin. His long-term price projections indicate that sustained price action above $0.21 could lead to a rally toward $0.34, with a further target at $0.75. More optimistically, the chart suggests a potential retest of historical highs near $2, which would represent an 850% gain from DOGE’s current price level. These forecasts, however, remain speculative and are contingent on continued market confidence and institutional backing.

Institutional interest in Dogecoin is also on the rise, with a new development involving Elon Musk’s lawyer, Alex Spiro. Sources indicate that a $200 million Dogecoin treasury company is being structured, with Spiro set to chair the public entity. House of Doge, the official corporate body for the memecoin, has reportedly endorsed the initiative as the “official” Dogecoin treasury vehicle. This approach mirrors a broader trend in the crypto space, where companies are leveraging digital assets to bolster their balance sheets and attract new investors. MicroStrategy’s early adoption of Bitcoin in 2020 has inspired a wave of similar strategies, with 184 public companies collectively committing $132 billion to crypto purchases since January 2025.

The growing institutional involvement in Dogecoin is significant given the coin’s unique position in the market. Unlike many other cryptocurrencies, Dogecoin was originally created as a joke and is primarily driven by community sentiment and social media influence. Its price movements have historically been closely tied to public remarks by high-profile figures, most notably Elon Musk. The billionaire has frequently referenced Dogecoin on social media, and his influence has had a tangible effect on the token’s valuation. This dynamic was recently underscored by a legal dispute in which Spiro successfully defended Musk against allegations of market manipulation, further cementing the lawyer’s role in shaping the coin’s public perception.

Despite the optimism surrounding Dogecoin’s potential, the market remains highly volatile, and the token’s future success will depend on a variety of factors, including continued institutional adoption, macroeconomic conditions, and broader cryptocurrency market trends. As the first half of September unfolds, investors will be closely watching whether the $0.21 support level holds and whether the planned treasury initiative gains traction. These developments could provide further clarity on whether Dogecoin’s recent rally is a short-term anomaly or the beginning of a sustained bull cycle.

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 lawyer Alex Spiro set to chair $200 million ... (https://fortune.com/crypto/2025/08/29/elon-musk-alex-spiro-dogecoin-house-of-doge-crypto-treasury-company/) [3] 12 Most Popular Types Of Cryptocurrency (https://www.bankrate.com/investing/types-of-cryptocurrency/)