In a curious twist of fate, the world of cryptocurrencies, ever so capricious and whimsical, saw Dogecoin traders, like dogs chasing their own tails, selling off their coins in a flurry of activity. Following a 12% rally, spurred by the Trump-backed Thumzup’s grand acquisition of Dogehash, Dogecoin dipped to a modest $0.22 on the 23rd of August, a Saturday, marking a 2% decline as traders, ever the opportunists, began to book their profits. 📉
Thumzup, once a humble ad-tech company, has undergone a remarkable transformation, pivoting to a crypto-focused treasury business with a flair for the dramatic. In July 2025, the firm raised a staggering $50 million to fund its ambitious mining operations and direct crypto purchases. The pièce de résistance, however, was the $153.8 million stock-based acquisition of Dogehash Technologies, adding a formidable 2,500 Dogecoin and Litecoin mining rigs to its arsenal, with grand plans to rebrand as Dogehash Technologies Holdings. 🚀
Thumzup recently announced an agreement to acquire Dogehash, an industrial-scale blockchain infrastructure company focused on mining Scrypt-algorithm assets such as Dogecoin and Litecoin. The combined company aims to become a leading Dogecoin mining platform.…
– Thumzup Media Corporation (@thumz_up) August 22, 2025
Regulatory filings have revealed that Donald Trump Jr., with his keen eye for investment, owns approximately 350,000 shares of TZUP stock, valued at a tidy $3.3 million, cementing his position as a major shareholder. This revelation, coupled with the dovish signals from Fed Chair Powell hinting at rate cuts, sent Dogecoin soaring 12% from $0.20 to $0.24 before it retraced to hover around $0.23. 🌟
The 2% reversal on Saturday, a day marked by the sun’s descent and the trader’s impatience, mirrored the age-old practice of “selling the news” after the initial wave of excitement had subsided. The derivatives market, ever the arena of the bold and the reckless, showed that short traders were eager to defend the $0.25 psychological barrier, a line in the sand that many dared not cross. 🛡️
In the derivatives market, Dogecoin’s $185 million long positions outpaced the $171 million shorts, a testament to the prevailing bullish sentiment. However, the concentrated short activity around the intraday peaks played a crucial role in the swift price correction in the early hours of August 23, a reminder that even the most steadfast bulls can be brought to heel. 🦁
Dogecoin Liquidation Map as of August 23 | Source: Coinglass
According to Coinglass liquidation maps, a staggering $81.4 million worth of shorts are clustered around the $0.25 mark, the largest build-up of leverage positions in seven days. These clusters, like a fortress of financial might, often serve as a formidable resistance, as traders strategically sell to protect their positions from the abyss of liquidation. 🏰
This short wall, a wall of skepticism and caution, explains DOGE’s rejection near $0.249 on Friday and reinforces the “sell-the-news” narrative, a narrative that thrives on the euphoria of Thumzup’s acquisition of Dogehash and the fresh dovish winds from the US Fed Chair. 🍂
Dogecoin Price Forecast: What Next For DOGE after Missing $0.25 Breakout Target?
Dogecoin price, like a leaf caught in the wind, is currently consolidating just beneath the upper Bollinger Band at $0.2498, a level that defines the short-term direction. A decisive close above this upper band would signal renewed bullish momentum, setting the stage for a possible breakout towards the lofty heights of $0.30. 🚀
The Relative Strength Index, a measure of market strength, holds steady at 54.71, placing the market in neutral territory. This reading suggests that Dogecoin retains sufficient upside room before venturing into the treacherous waters of overbought conditions, typically marked by readings above 70. 🌊
Dogecoin Price Forecast | TradingView
On the downside, initial support remains anchored at the middle Bollinger Band around $0.225, with deeper protection near the lower band at $0.201. A breach below $0.201 would risk reversing the current upward trend, shifting the market sentiment towards a bearish outlook. 🐻
On the upside, the $0.25 level continues to act as the first significant resistance. Clearing this barrier on strong volume could unlock targets in the $0.27 to $0.29 range, areas that align with previous corrections seen in early August. Until a major breakout above $0.27 occurs, traders should brace themselves for Dogecoin to oscillate within a narrow band between $0.22 and $0.25. 🤷♂️
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Maxi Doge Presale
The Maxi Doge presale is gaining rapid momentum, having already raised over $1.27 million against a $1.53 million target. With a current price of $0.000253 per token and just two days remaining before the next price hike, Maxi Doge is emerging as a potential breakout opportunity for traders looking to capitalize on DOGE’s short-term resistance. Visit the official Maxi Doge website to get in early and perhaps catch the tail end of this crypto whirlwind. 🌪️
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2025-08-24 02:59