DOGE (Dogecoin) increased by 2.51% in the past 24 hours

Gate News Bot Message, January 28th, according to CoinMarketCap data, as of press time, DOGE (Dogecoin) is trading at $0.13, up 2.51% in the past 24 hours, reaching a high of $0.13 and a low of $0.12. The 24-hour trading volume is $1.109 billion. The current market capitalization is approximately $21.102 billion, an increase of $516 million compared to yesterday.

Dogecoin is an open-source peer-to-peer digital currency that uses blockchain technology, maintained by a decentralized network of computers (nodes) that keep a public ledger. As the people’s cryptocurrency, Dogecoin adheres to the philosophy of “Do Only Good Every Day,” and has a friendly, vibrant community. Unlike many other cryptocurrencies, Dogecoin’s transaction fees are extremely low, and it has been used as real currency since its inception. The Dogecoin community is dedicated to mutual support, spreading cryptocurrency knowledge, charitable fundraising, and community building, with a history of participating in charitable projects such as building clean water wells in Kenya.

Important recent news about DOGE:

1️⃣ Payment App Ecosystem Development Expanding Practicality

The House of Doge, under the Dogecoin Foundation, is collaborating with Nasdaq-listed company Brag House Holdings to develop a payment app called “Such,” expected to launch in the first half of 2026. The app will integrate a self-custody wallet, real-time transaction updates, and “Hustles” merchant tools, allowing artists, small businesses, and individuals to conduct transactions and payments directly with Dogecoin without third-party involvement. This development began in March 2025, led by a 20-person team based in Melbourne, with closed testing planned before public release. The launch of Such will expand DOGE’s utility from a transactional asset to everyday payments and commercial applications, helping to increase the token’s practical value and market acceptance, and providing functional support for long-term ecosystem development.

2️⃣ Spot ETF and Regulatory Framework Progress Fuel Institutional Participation Expectations

The 21Shares spot Dogecoin ETF (trading code: TDOG) officially listed on Nasdaq on January 22, becoming the first approved SEC spot DOGE ETF, tracking the CF Dogecoin-Dollar US settlement price index, with a management fee of 0.50%. This product provides retail and institutional investors with a compliant way to access Dogecoin through traditional brokerage accounts. Meanwhile, the CLARITY Act has entered formal review by the US Senate Banking Committee and Agriculture Committee, with measures to regulate trading behavior, prohibit false transactions, require platform reserves disclosure, and undergo regular audits, clearing regulatory hurdles for long-term institutional participation. However, recent price performance suggests that the actual subscription scale of the ETF may not have met initial market expectations, and overall enthusiasm for meme coins on Wall Street remains limited. There is a time mismatch between policy benefits and market sentiment, making it difficult to support short-term volatility effectively.

3️⃣ High Leverage Operations by Institutions and Chain Reactions of Liquidations Intensify Market Volatility

In the past two days, whale addresses on the Gate platform opened long positions with 10x leverage totaling 105.25 million DOGE (worth about $15.48 million), while another whale had their long position fully liquidated, incurring a loss of $2.2 million. Such large leverage operations are frequent, indicating that although some institutional participants are bullish on DOGE, high leverage positions can easily trigger liquidity shocks when market risk appetite shifts rapidly. The buildup of leveraged longs followed by large liquidations creates a chain reaction that pushes prices downward, with market cap dropping nearly $1.8 billion from its peak. Technical indicators show short-term structural volatility, with significant selling pressure at certain price ranges, and the inverse effect of institutional leverage operations during increased market volatility warrants attention.

4️⃣ Speculative Funds Take Profits and Risk Appetite Diminishes, Suppressing Rebounds

After the initial rebound at the start of the year, speculative funds are increasingly willing to take profits at high levels. Coupled with a general cooling of market risk appetite, this has led to increased trading volume but relative underperformance compared to market indices. Large sell orders near resistance levels resulted in about 1.1 billion DOGE changing hands, reflecting profit-taking behavior. Compared to mainstream assets like Bitcoin and Ethereum, DOGE performs relatively weakly during rising risk aversion, a characteristic that becomes especially apparent during heightened market volatility, further encouraging speculative funds to exit.

5️⃣ Trading Incentive Policies Support Platform Liquidity

Gate Perp DEX launched a DOGE weekend trading check-in event from January 23 to January 25, with a total prize pool of 20,000 USDT. Participants could earn rewards by completing specified trading conditions and inviting new users, aiming to boost platform liquidity and user activity. These trading incentives lower participation barriers and help gather trading enthusiasm at the platform level, injecting vitality into the DOGE trading market.

This message is not investment advice. Please be aware of market volatility risks when investing.