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By Shaurya Malwa, CD Analytics|Edited by Aoyon Ashraf
Updated Aug 23, 2025, 4:05 p.m. Published Aug 23, 2025, 7:05 a.m.
- Meme token surged to $0.24 with trading volume nearly doubling, indicating institutional interest.
- The Federal Reserve’s softer crypto stance and Wyoming’s stablecoin launch boosted digital asset sentiment.
- DOGE’s price action shows potential for further gains, with support at $0.21 and resistance at $0.24.
Meme token climbs to $0.24 peak with volume nearly doubling monthly averages, signaling institutional activity behind the rally.
• The Federal Reserve signaled a softer stance on crypto banking rules, while Wyoming launched the first state-backed stablecoin. Both developments lifted sentiment around digital assets.
• Trump-linked entity Thumzup completed a $50 million acquisition of Dogecoin mining firm Dogehash, forming what executives claim is the largest DOGE mining operation.
• SoFi became the first U.S. banking institution to integrate Bitcoin’s Lightning Network for remittances, reinforcing broader institutional adoption of crypto infrastructure.
• Whale wallets accumulated 680 million DOGE tokens through August, cementing rising institutional flows despite retail-driven volatility.
STORY CONTINUES BELOW
• DOGE rallied 8% in the Aug. 22–23 session, climbing from $0.22 to $0.24 in a $0.02 range.
• The sharpest move came at 14:00 GMT on Aug. 22, when DOGE spiked from $0.21 to $0.23 on 4.27B volume, nearly quadruple the hourly average.
• Support now holds at $0.21 after a successful retest, while resistance capped gains at the $0.24 psychological level.
• A late-session surge added 1% from $0.23 to $0.24, with a volume peak of 28.1M at 04:52 GMT confirming accumulation.
• Price action shows consecutive higher lows, suggesting sustained buying pressure and potential trend continuation.
DOGE’s breakout aligns with a broader crypto rebound as risk appetite improved across equities and digital assets. The combination of Fed policy recalibration, state-level stablecoin adoption, and a high-profile mining acquisition amplified institutional participation in a token often viewed as purely retail-driven.
The $0.24 level remains a critical inflection point. A sustained breakout could open momentum targets toward $0.26, while failure risks renewed retests of $0.21 support.
• 24-hour gain of 8% from $0.22 to $0.24 with $0.02 trading range.
• Volume spiked 97% above 30-day average with 4.27B tokens traded.
• Support confirmed at $0.21 following intraday retest.
• Resistance hardened at $0.24 psychological threshold.
• Consecutive higher lows point to bullish structure.
• Volume surge of 28.1M at 04:52 GMT validates institutional flows.
• Whether DOGE can establish $0.24 as support for a clean breakout toward $0.26.
• Ongoing whale accumulation trends versus potential retail profit-taking at resistance.
• Impact of Wyoming’s state-backed stablecoin launch on memecoin liquidity flows.
• Futures open interest reaction after heavy spot-driven rally.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
CoinDesk Analytics is CoinDesk’s AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk’s editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
CoinDesk Analytics operates under CoinDesk’s AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk’s approach to AI-generated content in our AI policy.
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By Shaurya Malwa, CD Analytics|Edited by Aoyon Ashraf
24 minutes ago
Breakout above $3 triggers five-fold volume spike as Fed policy shift and on-chain activity boost institutional flows.
What to know:
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- On-chain settlement volumes on the XRP Ledger increased by 500%, indicating potential institutional adoption despite ongoing whale distribution.
- Traders are watching if the $3.00 support holds and whether a breakout above $3.10 could lead to further gains.
