Dogecoin Tumbles 6% Today as Elon Musk’s $200M Treasury Plan Sparks Hopes for a Rebound

Jakarta, Pintu News – The Dogecoin (DOGE) price continues to hold near the $0.21 support level, moving within a narrow range that has lasted for months. In general, Doge’s current price movement is forming an increasingly narrowing triangle pattern, indicating the potential for major changes to come.

The involvement of Elon Musk’s circle appears vaguely in this story, providing a slight touch without a strong influence. With trading volumes increasing, the situation is tense and the possibility of sharp moves is growing.

Dogecoin Price Drops 6.20% in 24 Hours

On September 1, 2025, Dogecoin saw a sharp 6.20% drop over the past 24 hours, trading at $0.2101, or approximately IDR 3,465. During this period, DOGE fluctuated within a range of IDR 3,454 to IDR 3,695.

At the time of writing, Dogecoin’s market capitalization stands at roughly IDR 522.03 trillion, with a 24-hour trading volume of around IDR 19.63 trillion.

Read also: Ethereum Price Falls to $4,300 on September 1st: Whales Exit as Spot Market Heats Up!

Dogecoin Price Action Shows Growing Tension

The Dogecoin price has moved in a clear range between $0.15 to $0.28 so far this year. The triangle pattern formed is narrowing, with a strong support area at $0.21 and consistent resistance around $0.223 to $0.250.

The recent bounce off the $0.206 level indicates that there is quite strong buying activity, preventing the price from falling deeper. If the daily price manages to close above $0.281, it will confirm an upward breakout and pave the way towards the $0.50 target, cementing DOGE’s position as one of the top meme coins.

DOGE’s upside potential could reach almost 130% if this technical pattern is successfully resolved. Compression phases like this rarely last long, and the current pattern indicates a big move is on the horizon.

The bullish side is aiming for the $0.30 level as the next target, while the bearish side expects the price to test the base level at $0.20 again. Each time the price touches the upper or lower boundary of the triangle pattern, the pressure intensifies, increasing the likelihood of a sharp move and determining the next direction.

If the upper resistance line is successfully broken, a quick surge towards $0.50 becomes a realistic scenario. Conversely, if the $0.206 level fails to hold, a correction towards $0.15 could occur.

These technical dynamics are also in line with the broader crypto market cycle, and correlate with Solana’s (SOL) long-term price projections, which support the digital asset’s continued growth.

Read also: 3 Meme Coins Crypto Whales Are Quietly Accumulating Ahead of September 2025

Elon Musk’s $200 Million Support puts DOGE in the Spotlight

Elon Musk’s lawyer Alex Spiro is leading the effort to open a $200 million Dogecoin Treasury through the House of Doge initiative. The initiative has been approved and is aimed at attracting both retail and institutional investors.

Spiro will serve as chairman of the new entity, while Elon Musk’s role has yet to be officially determined. Nonetheless, Musk’s indirect association is enough to positively boost market sentiment and strengthen investor confidence.

It is reported that a number of potential backers have been actively contacted with various proposals, demonstrating the seriousness of this project. This announcement also follows the news that BitOrigin is planning to establish a $500 million DOGE fund-signaling a significant expansion of the financial infrastructure around this token.

If managed well, this $200 million treasury fund could increase liquidity and expand the practical use of DOGE in real life. The increase in DOGE’s daily trading volume to $2.58 billion shows the positive market response to the news.

In conclusion, the Dogecoin price seems poised for a breakout, with various indicators pointing to a potential upside. The treasury formation initiative involving Elon Musk is a major supporting factor for the bullish view.

As long as the support level at $0.21 is maintained, DOGE has a strong foundation to go up to $0.50. DOGE is now in an ideal position to make a significant upward movement in the near future.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coingape. Dogecoin Price Forecast: Can Elon Musk’s $200M Plan Send Doge to $0.50? Accessed on September 1, 2025