- Grayscale’s spot Dogecoin ETF filing sparked renewed institutional interest in memecoins.
- DOGE open interest jumped 7.3% to $3.73B, even as trading volume dropped sharply.
- Price is stuck near $0.24 resistance, with $0.22 and $0.20 as major support levels.
Dogecoin has been on a bit of a roll lately, climbing back to $0.24 over the weekend and logging its third straight day of gains. The excitement comes right after Grayscale filed for a spot DOGE ETF with the SEC on August 15, adding another twist to the growing institutional focus on memecoins. This filing follows a wave of ETF proposals for Solana, TRUMP, BONK, and even Pudgy Penguins, hinting that Wall Street’s appetite for meme-driven assets might be more serious than most thought.
Grayscale’s Move and Market Response
Grayscale’s latest filing shows the asset manager isn’t backing down despite the SEC recently delaying decisions on other ETF applications. The company, which manages around $60 billion, clearly sees room for DOGE in the institutional market. Traders responded almost instantly—open interest in Dogecoin jumped 7.3% on Sunday, reaching $3.73 billion. That’s about $272 million in new inflows in a single day, even though spot trading volume slid by over 40%. It seems derivatives speculators are driving much of the momentum, with short positions getting squeezed hard—$2.8 million in shorts were liquidated compared to just $711,000 in longs.
Technical Resistance and Support Levels
On the technical side, Dogecoin is hitting resistance at $0.24, the same level that capped July’s rally. A clean break above could push DOGE toward $0.27, while failure here might send it back to test $0.22 support. Beneath that, $0.20 is the key line where buyers stepped in earlier this month. The RSI currently sits around 57.8, which leaves room for more upside before things get overheated. As long as open interest keeps rising, the odds of another short squeeze pushing DOGE over $0.25 look pretty strong.
What’s Next for DOGE?
The combination of ETF buzz, heavy derivatives action, and retail accumulation makes Dogecoin’s short-term outlook more bullish than bearish. Still, without a decisive break above $0.24, the price risks stalling in its current range. Traders will be watching closely to see if open interest continues to climb and whether institutional filings can fuel sustained momentum. If the market leans bullish, the $0.27 zone could be tested again in the days ahead, but if support cracks, a slide back toward $0.20 is not off the table.
