Dogecoin Is Struggling to Keep Its Recent Gains
Dogecoin (DOGE) is down 5.6% to $0.2530 this week, underperforming the broader crypto market, where Bitcoin (BTC) declined by 1.0% to $96,164. The memecoin briefly dropped to $0.2419 before recovering slightly, following U.S. President Donald Trump’s renewed threats of a 25% tariff on pharmaceuticals, semiconductors, and vehicle imports. Investor reaction was moderate, but DOGE fell below the midpoint of its ascending channel. A return above this level is crucial to avoid further declines to $0.2000—or, in an unlikely bearish scenario, even $0.1000.
Despite the current weakness, Dogecoin retains upside potential. The U.S. Securities and Exchange Commission (SEC) is considering an application for a spot DOGE ETF, which could drive institutional interest. Additionally, continued support from high-profile backers, including Elon Musk, strengthens its long-term appeal.
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