DOGE (Dogecoin) has shown a certain level of volatility in the latest market trends. As of August 19, 2025, the price of DOGE closed at $0.232, experiencing a slight fall of 1.3% within 24 hours, with a weekly decline of 10%. This trend is mainly influenced by the overall adjustment in the encryption cryptocurrency market and some investors taking profits.

Recently, the DOGE market has shown several noteworthy dynamics:

First of all, the approval process for the DOGE spot ETF has made significant progress. Following Bitwise and 21Shares, Grayscale also submitted a DOGE spot ETF application on August 15. Industry analysts estimate that the likelihood of the DOGE ETF being approved has risen to 90% before the end of the year. If approved, it is expected to attract about $5 billion in institutional capital.

Secondly, the technical upgrades and payment ecosystem construction of DOGE are continuously advancing. The DogeSpeed upgrade has shortened the transaction confirmation time to 8 seconds, while significantly reducing the cross-border transfer fees. Tesla's global supercharger network has also begun to support DOGE payments, which significantly enhances the practicality of DOGE.

In terms of investor behavior, over the past week, large addresses (holding between 1 million to 100 million DOGE) have accumulated approximately 200 billion DOGE, valued at about 4.6 billion USD, accounting for 18% of the total circulation. This move indicates that institutional investors' confidence in DOGE is increasing.

From a technical perspective, DOGE is currently facing a key resistance level at $0.245. If it breaks through this level, the next target price will be $0.266, and it may even challenge $0.30. The support level is at $0.215, and if it falls below this level, it may further drop to $0.20.

Overall, the market generally believes that factors such as expectations for ETF approval, increased holdings by large investors, and the expansion of payment application scenarios will drive the price of DOGE to potentially reach $0.30 in the short term. However, investors should also be cautious of potential risks, such as delays in SEC approvals or significant corrections in Bitcoin prices that could have negative impacts.