The Dogecoin price dropped by more than 2% in the last 24 hours, slipping to around $0.21. This decline surprised many traders, as DOGE has historically seen strong gains whenever news connected to Elon Musk surfaced.
The latest dip comes amid speculation that Musk’s attorney, Alex Spiro, is preparing a Dogecoin treasury initiative aimed at raising nearly $200 million from public investors. The fund is expected to act as a dedicated vehicle for investing directly in DOGE.
Key Takeaways
- Dogecoin price slid 2% to $0.21 despite treasury-related optimism.
- Elon Musk’s lawyer, Alex Spiro, is rumored to lead the DOGE treasury project.
- The initiative could become Dogecoin’s official corporate investment arm.
Market Response to Treasury Speculation
Since its creation in 2013, the Dogecoin price has often reacted strongly to Musk’s influence. However, the market’s calm response to the proposed treasury plan suggests traders are now focusing more on fundamentals than hype-driven moves.
Although the structure and launch timeline of the fund remain uncertain, analysts believe the project could create long-term demand for DOGE if it is officially rolled out.
Alex Spiro’s Legal Background
Alex Spiro is widely recognized for representing Elon Musk in several high-profile cases, including those involving cryptocurrencies. In 2024, he successfully defended Musk against allegations that he manipulated the Dogecoin price through his social media activity, arguing that the remarks were protected speech.
This case underlined Musk’s strong influence over DOGE markets. For instance, his 2021 Saturday Night Live appearance, where he jokingly called Dogecoin “a hustle,” triggered immediate price volatility.
Technical View on Dogecoin Price
Despite the latest pullback, technical analysts remain cautiously optimistic. One expert recently predicted that Dogecoin could rally by 30%, citing strong momentum building on the charts. Historically, DOGE has staged sharp rallies after periods of sideways trading, and the rumored treasury project could provide additional buying pressure.
At present, the Dogecoin price is down nearly 9% over the past week. Still, with technical signals pointing upward and renewed institutional interest, many traders believe a rebound could be on the horizon.
