DOGE Crashes 8% in a Day — Is Zero-Knowledge Tech the Comeback Catalyst?

Jakarta, Pintu News – Dogecoin (DOGE) continues to show serious steps to evolve from a meme coin to a blockchain ecosystem with real utility.

The application layer of its ecosystem, DogeOS, recently submitted a proposal to introduce new opcodes that allow the network to natively verify zero-knowledge proofs (ZKPs).

The proposal suggests utilizing unused parts of the Dogecoin scripting system to verify Groth16 proofs. With this, Dogecoin could support rollups and smart contracts without sacrificing speed or simplicity.

Before discussing further, let’s explore the current Dogecoin price movement first!

Dogecoin Price Drops 8.64% in 24 Hours

On July 24, 2025, Dogecoin saw a sharp 8.64% drop in price over a 24-hour period, trading at $0.2432, which is equivalent to IDR 3,953. During the day, DOGE hit a low of IDR 3,804 and reached a high of IDR 4,352.

At the time of writing, Dogecoin’s market cap stands at around $36.5 billion, with trading volume rising 15% to $4.5 billion within 24 hours.

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Dogecoin Prepares to Leave Meme Coin Status, Focus on Real Utility

Unlike the computationally intensive Ethereum (ETH) approach, Dogecoin maintains off-chain calculations, while verification is done on-chain. This ensures compatibility with legacy nodes without the risk of sudden forks or virtual machine (VM) bloat.

Interestingly, DogeOS also announced the development of an EVM-compatible zkVM, so Ethereum-native applications will be able to run directly on Dogecoin infrastructure.

The move comes amid growing institutional interest in DOGE. The Bit Origin company even announced that it had secured more than $500 million in funding to build a Dogecoin treasury, as part of its efforts to mature the meme coin ecosystem.

DOGE Price Held at Support Level amid 70% Gain in a Month

As of July 23, Dogecoin (DOGE) was trading around $0.2619, almost flat compared to the previous day, following the steady momentum in the overall crypto market.

Even so, DOGE has still maintained a strong gain of around 70% in the past month, adding more than $16 billion to its market capitalization.

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On the daily timeframe, Dogecoin has just broken out of a year-long falling wedge pattern – a technical pattern that indicates a potential upward reversal.

Analysts predict that if the support level at $0.263 is maintained, DOGE could target the $0.40 to $0.60 range in the near future.

In the 4-hour chart (23/7), DOGE is currently trading around the middle Bollinger Band, with the band starting to narrow – a sign of a potential sharp move in the near term.

If DOGE is able to hold above the $0.260-$0.263 support zone, there is a chance of resuming the upside to the upper band around $0.282.

Meanwhile, the RSI (Relative Strength Index) has come down from the overbought zone, indicating that the rally is starting to cool down but has not yet reversed.

However, if DOGE drops below $0.260, the asset risks a correction to $0.245 before buyers (bulls) try to take back the momentum.

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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:

• Coinspeaker. DOGE Price Tests Crucial Support as DogeOS Eyes Zero-Knowledge Future. Accessed on July 24, 2025