Coinbase has launched Wrapped Dogecoin (cbDOGE) on Ethereum’s Layer-2 Base network, aiming to boost the cryptocurrency’s DeFi use cases.

The token maintains a 1:1 peg with DOGE, allowing its holders to participate in the rapidly expanding DeFi ecosystem on Ethereum.

Dogecoin price today dropped 6.89% to trade at $0.176, nearing a crucial support level.

Dogecoin price hovered near key support on Monday, as recent price swings highlighted the cryptocurrency’s mixed fortunes.

Coinbase launched Wrapped Dogecoin (cbDOGE) on Ethereum’s Layer-2 Base network. The new token maintains a 1:1 peg with DOGE, allowing its holders to participate in the rapidly expanding DeFi ecosystem on Ethereum.

This move is set to increase the accessibility of DOGE and could inject fresh momentum into its price action.

Dogecoin Price Analysis:

Dogecoin is currently priced at $0.1766, marking a sharp 6.89% drop in the last 24 hours, yet it still holds a 13.45% gain over the past week. The market cap stands at $26.45 billion, down 6.61%, reflecting the broader market downturn. In the last 24 hours, DOGE has ranged between a low of $0.1692 and a high of $0.1924.

From the chart, DOGE faced rejection around $0.25 and is now hovering near key support at $0.176, just below the 9-period SMA at $0.18097. The RSI is currently at 33.23, indicating oversold conditions and suggesting a potential relief rally if buying pressure resumes.

A decisive rebound from current levels could open the door to resistance at $0.1966, and further to $0.22, especially if sentiment shifts positively. However, a failure to hold above $0.1652 could invite further downside, making it a critical support to watch.