Dogecoin Price at $0.24 Faces Pressure as 21Shares DOGE ETF Lists on DTCC

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After registering a massive drop on Monday, Dogecoin (DOGE) is back in the spotlight after Swiss asset manager 21Shares listed its proposed spot Dogecoin ETF (ticker: TDOG) on the Depository Trust & Clearing Corporation (DTCC) platform.

This is a key procedural milestone, though approval from the U.S. Securities and Exchange Commission (SEC) is still pending. Despite the excitement, DOGE’s price remains under pressure near $0.24, caught between bearish technical patterns and growing institutional momentum.

DOGE ETF Listing Boosts Meme Coin’s Legitimacy

The DTCC listing ensures that the operational groundwork for the ETF is in place should regulators give the green light. The fund would directly hold Dogecoin, with Coinbase Custody Trust serving as custodian. For investors, the product would provide a regulated route into Dogecoin without the issues of self-custody.

This development builds on earlier attempts to institutionalize exposure to meme coins. While Bitcoin and Ethereum ETFs have already gained traction, Dogecoin’s inclusion reflects a shift toward diversifying crypto offerings for both retail and institutional portfolios.

Industry observers note that regulated products could help bridge the gap between Dogecoin’s grassroots popularity and traditional financial markets.

Technical Outlook: Bears and Bulls Battle

On the charts, DOGE is trading at $0.24–$0.245, up roughly 1.28% % in the past day. Analysts highlight a double top formation near $0.27, which suggests bearish continuation if prices fail to break above the $0.28 threshold. Short-term support lies around $0.22, with a deeper cushion near $0.21.

DOGE's price trends to the downside on the daily chart. Source: DOGEUSD on Tradingview

However, not all signals are bearish. Ichimoku analysis shows the token holding above key support zones, keeping a bullish bias intact. Trading volumes spiked nearly 180% to $4.7 billion, indicating strong market activity as speculation around ETF approval heats up.

Institutional Bets Fuel Dogecoin Optimism

Institutional interest in Dogecoin is also on the rise. Grayscale has already filed to convert its Dogecoin Trust into a full ETF, while treasury investors continue to accumulate large positions.

Analysts such as Ali Martinez argue that a decisive move above $0.28 could invalidate the bearish setup and trigger an advance toward $0.35, with extended targets at $0.45.

Dogecoin’s immediate fate hinges on the $0.28 resistance. Failure to break above $0.24 could keep it trapped below this level, but a confirmed ETF launch and rising institutional flows may give DOGE the momentum needed to reclaim its bullish trend.

Cover image from ChatGPT, DOGEUSD chart from Tradingview

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