Dogecoin Slides to $0.2386 as Grayscale's 32 Billion Trust Seeks DOGE Approval with New ETF S-1

Dogecoin (DOGE) faced sharp downward pressure in the past 24 hours, but optimism still surrounds its long-term trajectory. The memecoin opened near $0.2659 before sliding steadily through the evening and plunging overnight. By midday, DOGE had dropped to $0.2386, reflecting a 10.57% loss on the day.

Despite the decline, trading activity surged. Dogecoin posted $4.76 billion in 24-hour volume, a jump of more than 180%. The spike in activity suggests traders remain highly engaged even as the token battles short-term weakness.

Analysts Eye $2.28 to $5.30 Upside for DOGE

Analyst @JavonTM1 highlighted Dogecoin’s performance across its two previous market cycles. Each cycle displayed progressively stronger upward momentum, supported by Fibonacci extensions and broader market behavior.

Based on this analysis, Dogecoin could stage a rally of more than 730%. That would push prices toward $2.28 in the next bullish leg. If the cycle extends further, projections suggest DOGE could climb above $5.30. Such a move would represent nearly a 20-fold increase from its current range.

These forecasts underline Dogecoin’s cyclical strength and resilience after sharp corrections. Investors now face the challenge of weighing immediate selling pressure against the possibility of historic long-term gains.

Institutional Momentum Grows Around Dogecoin ETFs

Institutional interest is also building. Rex-Osprey’s standard DOGE ETF debuted Thursday, generating about $17 million in first-day trading volume. According to Bloomberg Senior ETF Analyst Eric Balchunas, that figure ranked among the top five ETF launches this year.

Meanwhile, Grayscale has advanced its own efforts. The firm filed an amended S-1 with the U.S. Securities and Exchange Commission. The update confirmed Coinbase as both prime broker and custodian for the proposed Dogecoin fund.

If approved, the ETF will trade on NYSE Arca under the ticker GDOG. Approval would represent a major milestone for Dogecoin, opening access to a wider base of institutional and retail investors.

Dogecoin Faces Bearish Pressure with $0.2320 Target

Technically, Dogecoin remains under strain towards the downward direction. The Relative Strength Index is between 39 and 42, which is an indication of almost over sold. This level implies a decrease in momentum but the probability of a short-term recovery is also present.

The Moving Average Convergence Divergence is negative with the signal line less than zero. This implies that the bearish momentum is still prevailing over the short run price movements.

Provided that selling pressure is maintained, DOGE may challenge support levels between $0.2320 and $0.2300. The most probable short term target would be the zone of $0.2320 unless there is a change in momentum and this makes the range of about $0.2320 to $0.2500 the most probable short term target.