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Dogecoin (DOGE) experienced a short-term price surge, breaking past 0.38 USDT following US President Donald Trump's inaugural speech, in which he announced plans to establish a Department of Government Efficiency (DOGE). 

According to PANews, recent market data reveals that Official Trump (TRUMP) has surpassed Dogecoin in fully diluted valuation (FDV).

According to Odaily, Elon Musk recently announced on the X platform that the government efficiency department (@DOGE) will collaborate with the U.S. government on SpaceX's Raptor engine. Following this announcement, the price of DOGE experienced a brief surge, reaching nearly $0.42.

Dogecoin (DOGE) price has dropped by 11.75% in the past 24 hours, reaching $0.352 on Jan. 8. The decline mirrors a broader crypto market slump, driven by stronger-than-expected U.S. economic data and technical factors suggesting potential bearish momentum.What’s Driving Dogecoin’s Price Decline?Macroeconomic Pressure Spurs Sell-OffAs traders reassess the Federal Reserve's interest rate policy, DOGE's price drop aligns with a sell-off across risk assets, including U.S. stocks.Recent U.S. economic data—ISM services and JOLTS job openings—revealed a robust economy, dampening hopes for rate cuts in the near term. In response, the yield on the 10-year U.S. Treasury note spiked to its highest level since May 2024, reducing investor appetite for riskier assets like cryptocurrencies.Long Liquidations Amplify Downward MomentumThe crypto market recorded $710.47 million in liquidations over the last 24 hours, with $631.13 million from long positions. Dogecoin alone witnessed $26.95 million in liquidations, predominantly from bullish bets ($23.85 million).This liquidation cascade, triggered by falling prices, added significant downward pressure on DOGE, exacerbating its decline amid macroeconomic headwinds.Will Dogecoin Price Drop Another 25%?DOGE is currently consolidating within a potential bull flag pattern, a formation that typically follows a sharp price surge. While this pattern is inherently bullish, DOGE has failed to break above the flag's upper trendline, facing significant resistance.If the price continues to slide, it may test the flag's lower trendline near $0.266, which aligns with the 50-period exponential moving average (EMA) on the 3-day chart. This scenario implies a potential 25% decline from current levels by February 2025.Conversely, a breakout above the flag’s upper trendline could push DOGE to $0.830 by March 2025, marking a 140% rally from its current price.Market Sentiment and Key Levels to WatchAs macroeconomic factors and technical patterns continue to influence DOGE, traders should monitor key levels, including the $0.266 support and $0.830 resistance. The broader market's reaction to economic data and liquidation trends will also play a critical role in shaping Dogecoin's price trajectory, according to Cointelegraph.Related News:Why is Bitcoin Down Today? Pressure from Strong Dollar and Inflation Fears – What's Next?Fed Official Predicts Inflation Decline by 2025, Potential Rate CutsWhy Is XRP Price Down Today?

According to Foresight News, data from Coinglass indicates that the open interest in the Dogecoin (DOGE) futures market has reached a new peak, totaling 10.71 billion DOGE. This surpasses the previous high of 10 billion DOGE recorded in March 2024.

According to PANews, the cryptocurrency market experienced varied movements on January 5, with several tokens showing notable gains and losses. Leading the gainers, DOGE is currently priced at $0.391, marking a 3.17% increase. INJ follows with a price of $23.419, up by 2.86%, while OM is at $3.957, rising 2.64%. AVAX is trading at $42.002, with a 2.27% increase, and FLOKI is at $0.000199, up by 2.17%. Conversely, some tokens faced declines. SAND is priced at $0.640, experiencing a 2.29% drop. ZK is at $0.209, down by 1.69%, and CRV is trading at $1.0375, with a 1.67% decrease. COMP is priced at $83.21, down by 1.26%.

Dogecoin (DOGE) has faced a 6% drop today, hitting an intraday low of $0.3404 on Dec. 19, as Bitcoin's (BTC) slip below the $100,000 mark triggered a wave of sell-offs across the memecoin sector. This decline outpaced the broader crypto market, which fell by approximately 3.5% during the same period.Key Factors Behind DOGE’s PullbackMarket-Wide Sell-Off Post Rate CutThe Federal Reserve's 25 basis-point rate cut on Dec. 18 was followed by a hawkish press conference from Chair Jerome Powell, dampening investor sentiment. Powell's remarks about limited rate cuts in 2025 and an increased 2025 inflation outlook from 2.1% to 2.5% further weighed on the market. This led to Bitcoin’s 2% drop, rippling through the memecoin market, with Dogecoin (DOGE) and other top memecoins like Shiba Inu (SHIB) and Pepe (PEPE) experiencing declines.Increased Trading Volume Amid LossesThe memecoin market witnessed over $10 billion in value wiped out within 24 hours, while trading volume surged nearly 50%. This highlights the heightened risk-off sentiment among investors, particularly in speculative assets like memecoins.Bearish Market SentimentSantiment data shows a downturn in Dogecoin’s social sentiment since Dec. 3, reflecting growing impatience among traders amid prolonged price consolidation. Negative sentiment could, however, signal a potential reversal if DOGE manages to hold its current support levels.Technical Weakness and ResistanceDOGE’s recent decline followed a bearish divergence between its price and the relative strength index (RSI), a common signal of weakening uptrend momentum. Key resistance zones, including $0.40–$0.42 and $0.47, have further hindered DOGE’s upward movement.Outlook for DOGEProfessional trader Natalie Dormer notes that the pullback has brought DOGE to a critical support level around $0.35, aligning with its 50-day exponential moving average. Dormer remains cautiously optimistic, stating, “Pullbacks and volatility do happen in any uptrend, but our structure still favors upside for $DOGEUSD.”While the current bearish sentiment poses challenges, holding key support levels could pave the way for a rebound, provided broader market conditions stabilize, according to Cointelegraph.

According to PANews, a recent vulnerability attack has significantly impacted Dogecoin's node structure. The flaw, known as 'Dogereaper,' was exploited by Sequentia developer Andreas Kohl, who managed to crash 69% of Dogecoin nodes using an old laptop from El Salvador. Despite the severe impact on Dogecoin nodes, the situation could have been worse. The vulnerability was disclosed by ecash developer Tobias Ruck and another developer, Roqqit. Tobias Ruck revealed that he first discovered the vulnerability while developing Doged, an alternative to Dogecoin Core. During code testing for their alternative software, they identified an unpatched segmentation fault in the original code. Ruck emphasized the importance of network security, stating, 'We do not tolerate node crashes, and we have put in a lot of effort to ensure network safety. This attack could have been more severe, but all major stakeholders, such as miners and exchanges, had already patched the issue before the attack occurred. This highlights the importance of our cautious approach.'

On December 12, Marshall Hayner, Director of the Dogecoin (DOGE) Foundation, announced the launch of the DOGE DAO Dashboard via a post on the X platform.The new dashboard enables valid U.S. citizens to verify their digital identity, participate in governance, and vote on-chain.The DOGE DAO Dashboard is designed to empower the Dogecoin community by enabling citizens to contribute to the ecosystem's development. Through this platform, users can:Verify Digital Identity: Ensure secure participation by validating user identities.Propose Changes: Submit suggestions for improving the Dogecoin network.Vote on Decisions: Influence governance and policy by casting votes directly on-chain.

According to BlockBeats, Andreas Kohl, co-founder of the Bitcoin sidechain Sequentia, has claimed responsibility for disrupting 69% of the Dogecoin network. Kohl stated that he executed this operation using an old laptop from El Salvador, exploiting a vulnerability discovered by researcher Tobias Ruck, which led to the crashing of nodes.Data from Blockchair indicates that prior to the exploitation of this vulnerability, Dogecoin had 647 active nodes. As of the time of writing, the number of active nodes has decreased to 315. This significant reduction in active nodes highlights the impact of the vulnerability on the Dogecoin network's stability and functionality. The incident underscores the importance of network security and the potential risks posed by vulnerabilities within blockchain systems.

According to U.Today, Dogecoin (DOGE) is experiencing significant market activity, with large holders moving 60.9 billion DOGE in the past 24 hours. This surge in transactions highlights the meme coin's bullish potential. Data from IntoTheBlock reveals that Dogecoin's large transaction volume has increased by 40.1% within this period, amounting to $23 billion or 60.9 billion DOGE. This rise in whale activity suggests growing investor confidence in the asset, which could lead to price stability and further gains.IntoTheBlock defines large transactions as those exceeding $100,000, and a surge in this metric typically indicates strong buying or selling pressure. Currently, DOGE is trading at $0.4476, marking a 4.3% increase in the last 24 hours. This price rise has contributed to weekly and monthly gains of 5.66% and 137.8%, respectively. The current market performance suggests that Dogecoin may soon experience a price rebound, attracting short-term traders who might bet on the cryptocurrency due to the increased volume. This could further boost market activity and prevent a sharp sell-off.Technically, Dogecoin's price has recently broken through key resistance levels, indicating a potential bullish reversal. Rising volumes, a traditional sign of sustained momentum, support the ongoing price surge. Historically, Dogecoin's December performance has been promising, with a notable 337.5% gain in December 2017 and a 32.4% rally in 2020. Last year, DOGE's price increased by 7.01%. This historical trend positions Dogecoin as a cryptocurrency to watch during the holiday season, as it shows signs of a bullish trend.

According to BlockBeats, on December 8, the cryptocurrency market research firm Santiment shared insights on social media, highlighting subtle breakthroughs among several meme coins over the weekend. Tokens such as Dogecoin, Pepe, Dogwifhat, and Bonk have shown increased activity, with whale wallets potentially driving up market capitalization over an extended period. This trend is expected to continue until retail investors, driven by fear of missing out (FOMO), re-enter the market.The analysis suggests that once the general public becomes aware and starts investing heavily, these large holders, or 'whales,' may begin to sell off their holdings. This pattern often leads to a subsequent price correction shortly after the initial surge. The behavior of these whale wallets plays a significant role in the price dynamics of meme coins, as their large transactions can significantly impact market trends. The current situation indicates a strategic movement by these whales, capitalizing on the market's volatility and the psychological tendencies of smaller investors. As the market observes these developments, the potential for price fluctuations remains high. Investors are advised to stay informed and cautious, considering the historical patterns of whale activity and its effects on meme coin valuations. The ongoing situation underscores the importance of understanding market dynamics and the influence of major stakeholders in the cryptocurrency space.

According to U.Today, Dogecoin (DOGE), the popular dog-themed cryptocurrency, has marked its 11th anniversary. Created on December 6, 2013, by software engineers Billy Markus and Jackson Palmer, Dogecoin began as a lighthearted joke but has since evolved into a significant player in the cryptocurrency market. The crypto community, led by the official Dogecoin X handle, has taken to social media to celebrate this milestone for the original meme coin.A notable event this year was the passing of Kabosu, the Shiba Inu dog that inspired the "doge" meme, in May. Kabosu's image became synonymous with Dogecoin, inspiring a generation of online humour and becoming the symbol of cryptocurrency. As Dogecoin celebrates its 11th anniversary, it continues to hold a strong position in the market, ranking as the seventh largest cryptocurrency with a market capitalization of $62.68 billion, according to CoinMarketCap.Dogecoin has experienced a rise in value since September, driven by positive market sentiment and Bitcoin's surge past the $100,000 mark. The cryptocurrency's growth has also been influenced by Elon Musk's tweets, which have often boosted its popularity. In November, Dogecoin saw a 161% increase, although it recently experienced a slight decline of 4.61% to $0.426. Despite this, it remains 3% higher on a weekly basis, having reached a three-year high of $0.48 in late November.Looking ahead, the Dogecoin Foundation, a nonprofit organization dedicated to the development of the Dogecoin ecosystem, aims to enhance the cryptocurrency's adoption as a practical currency for everyday transactions. Since 2021, the foundation has focused on making Dogecoin more scalable and efficient as a global means of exchange. Going into 2025, the foundation plans to continue its open-source initiatives through the Dogebox Decentralized Infrastructure System. This system is designed to help small businesses self-host and manage their online stores, facilitating the integration of Dogecoin as a direct payment method. The foundation envisions this as a step towards onboarding the first million grassroots retailers to accept Dogecoin, further solidifying its role in the global financial landscape.

According to PANews, a previously inactive Dogecoin wallet containing 870,019 DOGE has been reactivated after 11 years. The wallet's contents are valued at approximately $391,889.

According to Odaily, Alexander Blume, CEO of Two Prime Digital Assets, has expressed confidence that an application for a DOGE ETF is inevitable. He believes that the remarkable success of Bitcoin ETFs will drive entrepreneurial financial firms to explore the creation of any potentially successful products. However, Blume acknowledges that whether such an application will receive approval remains uncertain. Blume's comments highlight the growing interest in expanding the range of cryptocurrency-based financial products following the positive reception of Bitcoin ETFs. As the cryptocurrency market continues to evolve, financial firms are keen to capitalize on emerging opportunities by introducing innovative products that cater to investor demand. The potential introduction of a DOGE ETF reflects this trend, as firms seek to diversify their offerings and tap into the popularity of various digital assets. Despite the optimism surrounding the possibility of a DOGE ETF, regulatory approval remains a significant hurdle. The approval process for cryptocurrency ETFs is complex and subject to stringent regulatory scrutiny. As such, while the application for a DOGE ETF may be forthcoming, its success will depend on navigating the regulatory landscape effectively. The outcome of this process will be closely watched by industry stakeholders and investors alike, as it could set a precedent for future cryptocurrency-based financial products.

According to U.Today, a prominent member of the Dogecoin community, Mishaboar, has issued a significant security warning to Dogecoin users. In a recent post on X, Mishaboar emphasized the critical importance of safeguarding seed phrases, which are mnemonic codes used to create or recover cryptocurrency wallets. Mishaboar's message serves as a crucial reminder for users to prioritize the security of their digital assets by adopting offline storage solutions and adhering to best practices. Mishaboar's post highlighted several essential security practices for managing seed phrases. The first and foremost advice is to avoid relying on online backups for seed phrases. This includes cloud storage services such as iCloud, OneDrive, or any other online platforms. Mishaboar stressed that under no circumstances should users store their seed phrases online, as this poses a significant risk of unauthorized access and hacking. Instead, users are encouraged to maintain multiple offline copies of their seed phrases, ensuring they are kept in secure, physical locations to prevent unwanted access. The importance of these security measures cannot be overstated, especially as Dogecoin continues to gain popularity. Seed phrases are crucial for accessing cryptocurrency wallets, and any compromise could lead to irreversible financial loss. With the rise in crypto-related cyberattacks, Mishaboar's warning is both timely and critical for both new and experienced Dogecoin users. By adhering to these security practices, users can better protect their digital assets and minimize the risk of unauthorized access.

According to Cointelegraph, Dogecoin has recently overtaken luxury automaker Porsche in market capitalization, driven by significant endorsements from Elon Musk and the potential introduction of an exchange-traded product (ETP) for the popular meme-coin. Over the past month, Dogecoin (DOGE) has surged by more than 175%, reaching a market capitalization of over $57.8 billion, surpassing Porsche's $56.1 billion as of November 27, 2024.The remarkable momentum of Dogecoin in 2024 can be attributed in part to ongoing social media endorsements from billionaire Elon Musk. Musk's involvement in the creation of the Department of Government Efficiency (DOGE), an agency focused on reducing government spending and streamlining regulations, has further fueled interest in cryptocurrency. The agency's acronym coincidentally matches the DOGE meme coin ticker symbol, leading some retail investors to anticipate a Dogecoin rally.Dogecoin's performance has also been bolstered by other developments, including the announcement of the first DOGE-based ETP by Valour, a subsidiary of DeFi Technologies, on November 26. Johanna Belitz, Valour's head of Nordics, stated that the launch of the Valour DOGE ETP was prompted by the recent U.S. presidential election results and the subsequent surge in demand for Dogecoin, supported by influential figures like Elon Musk.The growing interest in Dogecoin has resulted in its market capitalization outperforming Porsche's over the past year, with Dogecoin rising over 395% while Porsche's market capitalization declined by more than 34%. Porsche's valuation, which stood at $117 billion in April 2023, has since dropped by over 56% to $56.1 billion, according to CompaniesMarketCap data.Meanwhile, Dogecoin continues to benefit from Musk's frequent posts on social media platform X. Some crypto traders are predicting a potential 1,000% rally for DOGE based on emerging technical chart patterns. Market pattern analyst Trader Tardigrade noted in a post on X that Dogecoin is on track to repeat its historical price trajectory, as indicated by the Gaussian channel, an indicator used to identify the upper and lower channels of price action based on asset distribution principles.

Crypto fund issuer Valour has launched the first-ever exchange-traded product (ETP) for Dogecoin (DOGE), the world’s largest memecoin by market capitalization. The announcement, made by Valour’s parent company DeFi Technologies, highlights the growing institutional interest in memecoins as a key segment of the crypto market.Key Features of the Valour DOGE ETPThe Valour DOGE ETP, trading on Sweden’s Spotlight Stock Market, allows retail and institutional investors to gain regulated exposure to Dogecoin. The ETP provides an opportunity for investors to access the volatile but increasingly popular memecoin sector in a structured financial product.Johanna Belitz, Valour’s Head of Nordics, explained the timing behind the launch:“In light of the recent [United States] presidential election results and the subsequent surge in demand for Dogecoin, bolstered by influential figures like Elon Musk, we saw this as the perfect time to bring a DOGE ETP to market.”Dogecoin's Growing Market InfluenceInitially launched in 2013 as a satirical take on Bitcoin, Dogecoin has since grown into a $55 billion market-cap asset, according to CoinMarketCap. The memecoin operates on its own proof-of-work (PoW) blockchain, making transactions less computationally intensive than Bitcoin but without a cap on total supply.Dogecoin is widely used for micropayments and tipping but lacks support for smart contracts. Despite its origins as a joke, DOGE has become a mainstay of the crypto industry, with a significant role in the surge of blockchain-based financial products.Memecoins Lead 2024 Market GrowthThe launch of the DOGE ETP comes as the memecoin market experiences unprecedented growth in 2024. Platforms like Pump.fun have driven activity, particularly on the Solana blockchain. This follows the broader crypto market’s post-election rally, attributed to Donald Trump’s pro-crypto presidency.While Dogecoin is dominating headlines, other memecoins have gained traction, reflecting a trend that industry leaders, including Binance’s former CEO Changpeng “CZ” Zhao, have urged the community to reexamine. On Nov. 26, CZ called for a shift in focus from memecoins to building “real” blockchain applications.Legal Developments and Market MomentumDOGE’s recent momentum is also tied to favorable legal developments. On Nov. 15, a 2022 class-action lawsuit accusing Elon Musk of manipulating Dogecoin prices was withdrawn, further stabilizing sentiment around the token.Valour's Expanding Crypto ETP LineupValour has been at the forefront of crypto ETP innovation, managing over $600 million in assets through DeFi Technologies. The company has previously launched an ETP for NEAR Protocol’s native token, trading alongside the DOGE ETP on Sweden’s Spotlight Stock Market.What’s Next for Dogecoin?As memecoins transition into mainstream financial products, Valour’s DOGE ETP marks a significant milestone in institutional adoption. Analysts predict that structured investments like these could attract a new wave of retail and institutional investors, further solidifying Dogecoin’s position in the crypto ecosystem, according to Cointelegraph.

According to Decrypt, open interest on Dogecoin options reached an unprecedented $4 billion over the weekend, marking a new high for the popular meme coin. Data from CoinGlass revealed that on Saturday, crypto futures traders had $4.06 billion in bets on Dogecoin. However, by Monday, this figure had decreased to $3.6 billion. A significant portion of these traders are betting on a future decline in the asset's price, with $1.9 billion in short contracts awaiting expiration. Open interest refers to the total number of unsettled contracts in the market.In the derivatives markets, traders speculate on the future price movements of cryptocurrencies like Dogecoin (DOGE). Earlier this month, following Donald Trump's presidential election victory, open interest in Dogecoin approached a record $2.75 billion. The surge in bets on Saturday followed a rapid increase in the asset's price on Friday, driven by news that Tesla CEO Elon Musk plans to introduce payments on his social media platform, X (formerly Twitter). Musk has previously expressed interest in using Dogecoin for payments on the platform.Interest in Dogecoin has grown significantly this year, partly due to Musk's renewed discussions about the meme coin. He even named a government agency D.O.G.E.—the Department of Governmental Efficiency—and will lead it alongside billionaire Vivek Ramaswamy when President-elect Donald Trump assumes office in January. Musk, a vocal supporter of Donald Trump, has long favored DOGE, often causing price surges with his endorsements. Originally created as a joke, Dogecoin now commands substantial trading activity and is the seventh-largest digital asset by market capitalization. It has inspired numerous copycat coins and a thriving meme coin market, known for its volatility.Currently, Dogecoin is priced at just over $0.39, reflecting a nearly 9% decline over the past day. Despite this, the coin has surged over 185% in the past month, according to CoinGecko.

The Dogecoin Foundation, a non-profit organization dedicated to advancing the Dogecoin ecosystem, announced plans to significantly expand its open-source projects and infrastructure to promote global adoption of Dogecoin as a daily payment currency. In a statement shared on X on November 23, the Foundation emphasized its goal of enabling millions of grassroots retailers to accept Dogecoin payments through its innovative Dogebox system by 2025.Advancing Dogecoin as a Global Payment SolutionSince 2021, the Foundation has focused on building scalable tools and infrastructure to make Dogecoin a practical currency for everyday transactions. Backed by generous contributions from Ethereum co-founder Vitalik Buterin and an anonymous Dogecoin enthusiast, the Foundation employs a team of full-time developers dedicated to enhancing the currency's efficiency and global usability.Dogebox: A Game-Changer for RetailersThe centerpiece of the Foundation’s 2025 initiative is Dogebox, a decentralized payment infrastructure designed to empower small and medium-sized businesses. Dogebox will enable retailers to self-host online stores, integrate Dogecoin into existing payment systems, and allow node operators to participate in decentralized transactions. Operators will be rewarded when Dogecoin is used for goods and services, creating a robust ecosystem for decentralized payments.Call for Sponsors and Future ExpansionThe Foundation is actively seeking major sponsors for 2025 to support its mission of fostering a decentralized payment future. By leveraging open-source utilities and scalable tools, the Dogecoin Foundation aims to bridge the gap between cryptocurrency and mainstream retail, paving the way for Dogecoin to become a widely accepted payment solution globally.Dogebox represents a significant step forward in making Dogecoin a practical, efficient, and decentralized currency for global users. With its innovative approach and strong backing, the Foundation is poised to drive widespread adoption and establish Dogecoin as a preferred payment option for businesses worldwide.