Dogecoin Tanks 5% Today — But Could a 2024 Rally Pattern Send DOGE Back Toward $0.50?

Jakarta, Pintu News – Reporting from Coingape (6/8), the Dogecoin (DOGE) price chart has again formed the same pattern as 2024.

One analyst highlighted that the pattern had yielded gains of up to 200% last year. Meanwhile, the chances of spot DOGE ETF approval also increased sharply to reach 74%, reinforcing the bullish sentiment in the market.

Then, how is the current Dogecoin price movement?

Dogecoin Price Drops 5.04% in 24 Hours

On August 6, 2025, Dogecoin’s price fell 5.04% over the past 24 hours, trading at $0.1980, or roughly IDR 3,242. During the day, DOGE touched a low of IDR 3,222 and reached a high of IDR 3,423.

At the time of writing, Dogecoin’s market cap stands at around $29.76 billion, with trading volume dropping 7% to $1.58 billion within 24 hours.

Read also: Ethereum Slips to $3,500 as Treasury Firms Buy the Dip Amid Record ETF Outflows!

DOGE Price Reflects 2024 Pattern, Potentially up 200%

Between March and October 2024, the Dogecoin price continued to move below the downward sloping resistance line. For eight consecutive months, the market momentum was not strong enough to push DOGE through that level.

However, the situation changed drastically in early November when a broader crypto market rally took place, pushing most coins-including DOGE-to break through key resistance.

Over that eight-month period, DOGE also formed a higher low pattern. This pattern signaled diminishing selling pressure, paving the way for a 200% price surge-from $0.159 on November 3 to $0.484 in early December 2024.

Now, a similar pattern is forming again. The declining resistance line is still visible, but the support level continues to rise slowly.

According to analysts, Dogecoin not only managed to break the resistance line, but also retested the level as new support. Patterns like this usually signal that selling pressure is weakening and buyers are starting to dominate the market.

If the same scenario repeats itself as last year, the price of DOGE could potentially jump another 200%. From its current price of around $0.20, Dogecoin could reach $0.60 in the short term.

For the long term to 2025 and beyond, the potential for Dogecoin price movement is still wide open, pending confirmation of a new trend in the crypto market.

Read also: Dogecoin Vs Pepeto, Which Coin Meme will Rule the Market?

Dogecoin ETF Approval Chance Jumps Sharply

According to data from Polymarket, the chances of the US Securities and Exchange Commission (SEC) approving a spot Dogecoin ETF are increasing rapidly.

In just two days, market expectations jumped from 46% to 74%, reflecting the growing confidence that the product could be launched sooner than expected.

This surge in optimism is likely driven by the CFTC’s (Commodity Futures Trading Commission) plans to initiate the “Crypto Sprint” program. As CoinGape reported, this initiative allows crypto assets available on spot exchanges to also be traded on futures exchanges.

Given that Dogecoin is one of the most popular meme coins with a strong user base in the US, it’s no surprise that this “Crypto Sprint” has investors believing that the SEC will eventually give the green light for a DOGE ETF.

Overall, although the Dogecoin price still looks sluggish at the moment, the signs of an uptick are becoming clearer.

If the pattern of 2024 does repeat itself as Galaxy analysts predict, it is not impossible for DOGE prices to break $0.66 in the coming months.

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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 Could Hit $0.50 If This 2024 Rally Pattern Plays Out Again. Accessed on August 6, 2025