Dogecoin skyrocketed nearly 9%, breaking through key resistance levels with over 1 billion tokens traded. Support established at $0.242 following an early breakout, while late trading activity pushed DOGE to the $0.254 zone before consolidation.
Traders highlighted SHIB's simultaneous 6% surge - supported by record token turnover and exchange balances hitting two-year lows - as clear evidence of institutional accumulation across meme cryptocurrencies.
Market Context
DOGE gained 8.8% between October 1-2, climbing from $0.23 to $0.25. This movement was driven by speculation about U.S. ETF approvals and aggressive institutional positioning.
SHIB simultaneously jumped 6.2% during the same period, with exchange reserves dropping to multi-year lows, indicating reduced available supply as meme-coins attracted increased buying interest.
Price Movement Overview
- DOGE traded within a $0.02 range, showing 9.3% volatility
- Breakout at 08:00 UTC propelled price from $0.234 to $0.242 with 1.03B tokens traded - 4x average volume
- Session highs reached $0.249 and $0.253 before resistance at $0.254
- Final trading hour saw DOGE climb from $0.248 to $0.254 on consecutive 40M+ token surges, settling near $0.252
Technical Perspective
Support solidified at $0.242 post-breakout, with resistance strengthening at $0.254-$0.255. The session formed an ascending triangle pattern, confirmed by higher lows and sustained trading volume.
Technical analysts observed Golden Cross signals across major cryptocurrencies, reinforcing bullish momentum. Market experts identified a decisive break above $0.255 as potentially opening a path toward $0.32 - with ETF-related flows serving as the primary catalyst.
Key Market Focus
- DOGE's ability to establish $0.25 as solid support and advance toward $0.32
- Continued ETF speculation supporting both DOGE and SHIB through October decision deadlines
- SHIB's exchange supply squeeze at two-year lows as potential driver for meme-coin rotation
- CD20 index response after DOGE (+9%) and SHIB (+6%) posted significant moves on heavy volume