Dogecoin price slumps despite Elon Musk, DOGE treasury rumor
Dogecoin slipped more than 2% to $0.21 in the last 24 hours, bucking the coin’s usual pattern of rallying on Elon Musk-related news.
The drop comes as rumors swirl that Musk’s attorney, Alex Spiro, is spearheading a Dogecoin ( DOGE ) treasury project aimed at raising $200 million from public investors.
According to Fortune , investors are receiving offers for a public vehicle that will invest in Dogecoin coins.
- Dogecoin slips 2% to $0.21 despite news of a $200m treasury initiative
- Elon Musk’s lawyer Alex Spiro is set to chair the planned DOGE treasury
- House of Doge backs the venture as Dogecoin’s official corporate vehicle
Dogecoin price slumps despite positive rumors
Since its 2013 debut, Dogecoin’s price has often moved in step with Musk’s public comments. However, the market’s muted response to the proposed treasury vehicle—a project reportedly approved by the official Dogecoin organization, the House of Doge—suggests that traders may be prioritizing fundamentals over hype.
Details about the structure and launch timeline remain scarce, even as analysts see potential for a renewed rally.
Spiro’s Track Record Defending Musk in Crypto Cases
Alex has successfully defended Musk against allegations of market manipulation.
In August 2024, Spiro helped secure the dismissal of a 2022 lawsuit claiming Musk had manipulated Dogecoin markets through social media posts.
Spiro, who also represents celebrities such as Jay-Z and Alec Baldwin, successfully argued that Musk’s comments constituted protected speech rather than market manipulation.
Musk’s influence over Dogecoin pricing has been so pronounced that his social media activity has become a key factor in trading strategies.
His 2021 Saturday Night Live appearance, where he called Dogecoin “a hustle,” caused immediate price volatility.
Nevertheless, analyst Ali recently posted on X that “Dogecoin $DOGE is ready for a 30% move.” This suggests that technical momentum may be building despite current price weakness.
This prediction aligns with historical patterns where DOGE often experiences sharp moves following periods of consolidation.
The treasury company’s plans could provide sustained buying pressure for Dogecoin if successfully launched.
At last check Saturday, Dogecoin is down nearly 9% over the previous seven days.
Source: CoinGecko
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Fed Voting Member Harker: Fighting Inflation Requires Faster, More Frequent Small Rate Adjustments, Be Vigilant Against Inflation Expectations Becoming Entrenched
Cleveland Federal Reserve President Loretta Mester believes that inflation pressures have spread beyond the energy sector, with AI investments and tariffs driving up costs. To prevent high inflation from becoming entrenched in the economy, she suggests that the Federal Reserve should consider smaller, quicker, and more frequent rate adjustments, rather than waiting for inflation pressures to accumulate and then taking larger actions. She did not explicitly support an interest rate hike in October, emphasizing policy transparency: explaining the response mechanism does not equate to committing to a specific rate path.
Will the US cancel 20-year Treasury bonds? BNP Paribas: It may trigger market panic; Citibank: Positioning 20-year bonds to outperform 10-year bonds
There are market rumors that the U.S. Treasury is considering cutting back or canceling the issuance of 20-year Treasury bonds, which were reinstated in 2020. The yield on 20-year bonds has long been higher than both 10-year and 30-year bonds, resulting in a "hump" in the yield curve and higher financing costs. The market is closely watching this Friday’s routine survey questionnaire, as well as whether a clear signal will be released in the quarterly refunding statement on November 4. Citi suggests positioning in advance, but BNP Paribas warns that such a move could be interpreted as a panic signal that policy tools have been exhausted.
Bitcoin price volatility accompanies a 6% drop as sentiment turns neutral
WF stock trades at $36, up 196.78%, with daily RSI at 97.86
Crypto prices
More
