Key takeaways:
From meme coin to mainstream? The first DOGE treasury valued at $175 million has officially been established.
The bullish flag pattern for DOGE indicates a potential 550% increase, aiming for the $1 price level.
Dogecoin (DOGE) price rebounded strongly by 10% on Thursday from a monthly low of $0.205, reaching an intraday high of $0.224. This surge was primarily influenced by CleanCore Solutions launching the first official Dogecoin treasury.
Can institutional adoption drive DOGE price past the $1 mark?
Nebraska-based water-based ozone cleaning system manufacturer CleanCore Solutions has become the first publicly traded company to use Dogecoin as a primary treasury reserve asset.
The company announced the completion of a $175 million private placement financing, supported by over 80 institutional and cryptocurrency-native investors, marking a historic milestone in the development of this cryptocurrency.
This initiative, jointly supported by the Dogecoin Foundation and House of DOGE, aims to promote the institutionalization of DOGE through the establishment of a treasury strategy backed by the foundation.
🚨 NEW: House of Doge, the Dogecoin Foundation, and CleanCore Solutions have launched a $175 million DOGE treasury initiative. pic.twitter.com/i1AVzML2sB
This move is similar to the successful models driven by Strategy's pure Bitcoin (BTC) project and Bitcoin ETFs, potentially unleashing billions of dollars in institutional capital into the market.
Analysts believe this could significantly boost market demand, as regulatory capital can now enter the market. Currently, the 21Shares Dogecoin ETP has been approved for trading in Europe, and according to Polymarket data, the probability of a Dogecoin spot ETF being approved by 2025 is as high as 79%.
This potential new wave of demand from Dogecoin ETFs and corporations could confirm that the $1 target by the end of 2025 is entirely feasible.
The weekly candlestick chart timeframe shows that Dogecoin is trading in a bullish expanding triangle pattern, as illustrated below.
The price rebounded from the lower trend line of this pattern at $0.15 in June, signaling the start of another significant upward trend.
Analyst Bitcoinsensus noted in a report on Tuesday: "Dogecoin currently presents us with a huge investment opportunity on the weekly timeframe."
The attached chart shows that Dogecoin previously achieved higher percentage gains while trading in the same expanding pattern, with almost every rally exceeding the last.
"As we have observed in the past, this cryptocurrency has been moving upward in impulse waves, with each wave stronger than the previous one," the analyst further added:
Such a trend would represent a 550% increase from current levels.
Peer analyst Barry ChartMonkey also expressed a similar view in mid-August, stating that the rebound from $0.15 in June is a "signal for a new round of bullish expansion triangle pattern after 2 years," potentially reaching the 1.15 mark at the 3.618 Fibonacci extension.
📈LONG: $DOGE by @TradingShot @dogecoin DOGE just completed its first 1D Golden Cross formation in 9 months! This could be a sign of a new bullish leg for the 2-year Bullish Megaphone, with previous peaks hitting the 3.618 Fibonacci extension. #Dogecoin #BullishLeg #Fibonacci pic.twitter.com/mXGR8vTaQ8
Data from Cointelegraph Markets Pro and TradingView shows that this top meme coin is currently consolidating within a symmetrical triangle on the daily chart.
A breakout above the triangle at the resistance line of $1.225 (50-day simple moving average) will confirm a bullish breakout from the consolidation. The bullish target for this pattern is projected at $0.37, representing a 72% increase in Dogecoin price.
According to Cointelegraph, a breakout above the 50-day moving average for Dogecoin will prevent further declines to the $0.19 to $0.16 range.
Related: CleanCore's stock price plummeted 60% after announcing a $175 million Dogecoin (DOGE) reserve strategy.
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “The first Dogecoin treasury is officially launched, with DOGE's 'next wave' target price at $1.40”
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