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- Alex Spiro, Elon Musk’s lawyer, is set to chair a $200M Dogecoin treasury firm.
- Futures traders turn bullish with DOGE’s Long/Short Ratio at 4.15.
- Spot demand remains weak, keeping DOGE range-bound near $0.20 support.
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Dogecoin (DOGE), once the king of memecoins, has lagged behind broader crypto market gains in recent months. While Bitcoin and Ethereum surged, DOGE struggled due to a lack of institutional support. Now, a new development could shift the narrative—major investors are preparing to accumulate Dogecoin with the backing of Elon Musk’s lawyer, Alex Spiro.
Dogecoin Treasury Company in the Works
According to Fortune, investors have been pitched on a Dogecoin treasury company designed to buy and hold DOGE as a reserve asset. The project reportedly aims to raise at least $200 million, providing institutional credibility to the meme-driven token.
Crucially, Alex Spiro, Musk’s long-time attorney, is expected to chair the company. While Musk’s direct involvement remains unclear, Spiro’s leadership signals a strong link to the Tesla and SpaceX CEO’s orbit. The “House of Doge” has already signed off on the initiative, though details remain in early stages.
Futures Traders Turn Bullish on DOGE
Speculation around the treasury sparked a surge in derivatives activity. Data from Coinalyze showed Dogecoin’s Long/Short Ratio climbing to 4.15, with more than 80% of traders betting on price increases. A positive funding rate further supported bullish sentiment.
This surge in leveraged bets highlighted renewed optimism, even if DOGE’s spot market has yet to follow.
Spot Demand Remains Weak
Despite growing institutional chatter, on-chain activity painted a less enthusiastic picture. Dogecoin has seen a negative Buy-Sell Delta for seven straight days, with selling pressure outweighing buying. In the past 24 hours alone, $1.1 billion in sell volume exceeded $1 billion in buys, leading to a -$142 million net delta.
Santiment data also revealed persistent negative Price-DAA divergence, suggesting user activity and adoption have not rebounded alongside speculation.
At press time, DOGE traded at $0.217, up 1.37% in the last 24 hours but still down nearly 9% over the week. Technical indicators remained bearish, with DOGE trading below its Parabolic SAR and the Stochastic RSI signaling weak momentum.
If sentiment from institutional interest continues, DOGE could test resistance near $0.24. However, sustained selling and weak demand may keep the token bound near the $0.20 support.
Also Read: Dogecoin Price Outlook 2025: Why the $10 Target Remains Unlikely
Dogecoin’s future now hinges on whether institutional players can revive the meme giant. While the $200M treasury initiative marks a major step, the disconnect between bullish futures and weak spot demand shows DOGE still faces an uphill battle.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
