DOGE Bounces Back as Elon Musk’s Lawyer Pushes $200M Treasury Plan

TLDR

• DOGE price bounces back from $0.21 support after strong selling pressure.
• Alex Spiro leads a $200M Dogecoin Treasury plan backed by the House of DOGE.
• DOGE’s daily trading volume surges 45% reaching $2.58 billion.
• Musk’s lawyer expected to serve as chairman of the new Dogecoin company.
• DOGE shows sideways movement in a symmetrical triangle pattern after resistance at $0.28.

DOGE’s price has recently bounced back from support at $0.21 after facing strong selling pressure. This comes after reports surfaced that Alex Spiro, Elon Musk’s personal lawyer, is working on a $200 million Dogecoin Treasury plan. The news has sparked increased investor interest, pushing DOGE’s daily trading volume up by 45%, reaching $2.58 billion.

$200 Million Treasury Plan Under Development

Alex Spiro, who is closely tied to Elon Musk, is overseeing the development of a $200 million Dogecoin Treasury. Sources familiar with the matter revealed that the House of Doge, a corporate entity, will manage the treasury. The House of Doge is responsible for the development and promotion of Dogecoin, which the Dogecoin Foundation established in early 2025.

The $200 million treasury plan is expected to give Dogecoin a formal structure and support its growth. According to reports, investors are receiving proposals to participate in the treasury. Spiro is set to serve as the chairman of the public company that will oversee this initiative, although Musk’s involvement remains unclear.

This treasury plan could provide the necessary boost for DOGE, which has been struggling with stagnant price action. The announcement comes as other projects, such as BitOrigin, are working on their own treasury plans. If Spiro’s plan succeeds, it could lead to a significant rise in DOGE’s value.

DOGE Price Faces Resistance and Consolidates

Following the broader crypto market correction, DOGE’s price experienced a sharp decline. However, it found support at the $0.21 level and bounced back. Despite the recent bounce, DOGE has been underperforming compared to other altcoins, showing negative monthly gains.

Technical analysis shows that DOGE is currently moving sideways in a symmetrical triangle pattern. The coin faced resistance at $0.28 but has yet to break out in either direction. Popular crypto analyst Ali Martinez suggested that a 30% breakout could occur depending on the next move.

The ongoing development of the Dogecoin Treasury plan might provide the catalyst needed for DOGE’s breakout. If the treasury plan gains traction, DOGE’s price could see strong upward momentum. However, it remains to be seen whether the broader market will support this move.

As the news continues to unfold, investors will be watching closely for any updates regarding the Dogecoin Treasury plan. If successful, it could lead to long-term benefits for DOGE holders. The coming months will be crucial in determining the future of Dogecoin and its role in the crypto market.

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