Dogecoin (DOGE) experienced a turbulent week following news of the US Securities and Exchange Commission (SEC) issuing a Wells Notice to Robinhood, a prominent crypto exchange. The notice alleged violations of securities laws by Robinhood, prompting a mass exodus of funds from the platform, including a significant withdrawal of 164 million DOGE, valued at approximately $25 million at the time.
The news triggered a 5.8% decline in DOGE's price within 24 hours, raising concerns among investors. However, analysts caution against attributing the entire price dip solely to the outflow from Robinhood, as cryptocurrency transfers to personal wallets often signal long-term holding intentions.
DOGE's price is also influenced by its tight correlation with Bitcoin (BTC), particularly amidst the recent pullback in the broader crypto market. Both currencies operate on the Proof of Work (PoW) consensus mechanism, which may affect sentiment.
DOGE market cap currently at $20.7 billion. Chart: TradingView.com
DOGE faced a hurdle in reaching its $0.20 price target, dipping below the crucial $0.15 support level. Analysts suggest a potential support zone between $0.143 and $0.146, emphasizing the importance of monitoring further price corrections.
Despite short-term pessimism, DOGE shows signs of resilience. Buy orders outweigh sell orders, the Relative Strength Index (RSI) remains neutral, and weekly price increases indicate underlying strength.
The outcome of Robinhood's legal battle with the SEC and DOGE's ability to recover lost ground will shape its short-term trajectory. However, long-term forecasts for DOGE remain cautiously optimistic, with potential for recovery and sustained growth.
Metaplanet, a Japanese firm known for its aggressive Bitcoin accumulation strategy, has announced plans to raise approximately $880 million through an overseas share issuance.
XingChiThe UAE has built a Bitcoin reserve of around 6,300 BTC, worth up to $740 million, mainly through state-backed mining. This makes it one of the largest national holders, ranking just ahead of El Salvador.
AnaisA Philippine lawmaker has proposed that the central bank buy 2,000 bitcoins each year for five years, creating a national reserve of 10,000 coins. The plan aims to strengthen the country’s finances and provide a long-term store of value alongside traditional reserves like gold and foreign currency.
WeatherlyJapan plans to tax crypto profits at a flat 20% instead of rates as high as 55%. The regulator also aims to allow crypto ETFs and approve the country’s first yen-backed stablecoin.
AnaisArthur Hayes, the BitMEX co-founder pardoned by Donald Trump, has invested in a stem cell firm with clinics in Mexico and Bangkok. He is also backing crypto treasury firms while warning that the market may already be overheating.
WeatherlyA Pennsylvania lawmaker has put forward a bill to stop politicians and their families from owning or trading crypto while in office. The plan follows claims that Donald Trump has used his role to profit from tokens like his own memecoin.
WeatherlyBitcoin has retraced below $117,000 after reaching an all-time high last week, signaling a pause in upward momentum and growing caution among investors.
XingChiDutch cryptocurrency company Amdax is preparing to launch one of Europe’s most ambitious Bitcoin strategies yet: creating a dedicated Bitcoin treasury firm, seeking a listing on Amsterdam’s Euronext, and ultimately aiming to acquire 1% of the total Bitcoin supply.
XingChiThe SEC has delayed decisions on several crypto ETFs, including Bitcoin, Ethereum, Solana, XRP, Litecoin, and Dogecoin, pushing most deadlines into October. Regulators are working on new listing standards that could allow faster approvals of altcoin ETFs once rules are finalised.
WeatherlyTaiwan’s WiseLink led a $10 million funding round for Nasdaq-listed Top Win International, helping the company buy Bitcoin and expand into digital assets. The deal makes WiseLink the first public Taiwanese firm to back a Bitcoin treasury strategy and aims to combine crypto holdings with cross-border business operations.
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JinseFinanceCongressman John Rose criticizes the SEC for its action against Robinhood, urging the agency to protect investors without stifling innovation.
WeiliangSEC issues Wells Notice to Robinhood for alleged crypto securities violations. Pre-market shares decline 2.5%. Regulatory ambiguity hampers mainstream crypto adoption. SEC and CFTC lack clear digital asset guidelines.
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