Is Dogecoin Ready to Explode? Analyst Sees $0.45 Ahead

Read the original article from Crypto-News-Flash.com

Key Takeaways

• DOGE may surge over 100% to $0.45 if it holds above $0.20, says an analyst.
• CleanCore acquired 500M DOGE worth $143M, aiming for 1B tokens in 30 days.

Dogecoin’s recent surge is no small feat. After briefly breaking through $0.28 and posting a surge of over 29% in a week, market attention has returned to this memecoin with the Shiba Inu dog logo.

DOGE Poised for a Potential 100% Rally

According to popular on-chain analyst Ali Martinez, DOGE is preparing for its next surge. His analysis suggests that, as long as the price remains above $0.20, the potential for a price surge to $0.45 is wide open, representing a rise of over 100%.

However, Martinez also cautioned that DOGE will likely consolidate first before starting to climb again.

Source: Ali Martinex on X

Behind this analysis, derivatives data also shows quite busy activity. According to CoinGlass, DOGE trading volume surged 25.71% to $17.58 billion. Open interest also saw a slight increase of 0.23% to $6.10 billion. Interestingly, DOGE options volume actually plummeted by more than 89%, dropping to $371,000, even though open interest in options contracts rose 6% to $4.51 million.

This suggests that traders are currently leaning more towards direct trading rather than options-based derivative products. On the other hand, DOGE’s price is currently experiencing a slight correction after its previous rapid rally—a condition often referred to as profit-taking and usually opens up new re-entry opportunities.

Source: CoinGlass

Dogecoin ETF Postponed, Yet Accumulation Persists

One piece of news that has raised questions comes from the launch of the Dogecoin ETF by Rex-Osprey, which has been postponed until September 18th. But don’t be too disappointed. This ETF is unlike Bitcoin or Ethereum ETFs, which are filed through the SEC 19b-4 mechanism. This DOJE product uses a Registered Investment Company (RIC) structure, which falls under the Investment Act of 1940.

The advantage of a RIC is that it can accelerate its launch, but on the other hand, it doesn’t guarantee direct exposure to the spot price of DOGE, as it allows for derivatives ownership within the portfolio.

This structure is similar to the Solana ETF previously launched by Rex-Osprey—it initially performed well, but the fund flow was relatively mediocre. So, for the time being, its impact on the DOGE price can be considered neutral.

Nevertheless, institutional interest in DOGE should not be underestimated. Nasdaq-listed CleanCore Solutions recently purchased 500 million DOGE, worth approximately $143 million. This large transaction was announced on September 12th and is part of the company’s asset preservation strategy.

Their target is quite aggressive—CleanCore aims to accumulate 1 billion DOGE in just 30 days.

Furthermore, at the end of August, CNF reported that a trusted source revealed that a dedicated treasury entity for Dogecoin would reportedly be launched soon.

What makes this even more interesting? The person rumored to be its chairman is Elon Musk’s personal lawyer. Initial plans call for a $200 million fundraising target, and potential investors are reportedly already being explored.