DOGE News: Key Levels to Watch as Dogecoin’s Supply Dynamics Shift
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Amidst bearish pressure, Dogecoin’s price has stagnated just below the $0.20 mark. Despite this, investors remain confident in the meme coin’s potential, and supply metrics reveal critical levels that could influence its future trajectory.
Dogecoin’s Supply Dynamics Shifts – Key Levels to Watch
Bearish pressure has halted Dogecoin’s renewed upward momentum, bringing its price just below the $0.20 level. While Doge struggles with the pullback, many participants are still holding on to the meme coin, reflecting robust confidence in its potential. Glassnode reported a notable trend in Dogecoin’s supply metrics as the meme coin faces bearish pressure, showing critical levels that could dictate its next course of action.
Binance Traders Expect Dogecoin (DOGE) Price Gains Despite Downtrend
Around three-quarters of Binance Futures traders who have opened DOGE positions are expecting price gains in the near future. The overwhelming imbalance between long and short trades may signal a contrarian risk. Dogecoin (DOGE) witnessed an impressive surge in December last year, exceeding $0.45, but has since retreated by approximately 60% and currently trades at around $0.18. Despite the downtrend, many investors remain bullish on the OG meme coin. Renowned analyst Ali Martinez revealed that more than 76% of the traders on Binance Futures have opened long positions on Dogecoin.
DOGE Leads Federal Government Cost-Cutting Efforts
DOGE, a cryptocurrency-focused initiative, is driving cost-cutting measures across the federal government. Since its launch, DOGE has created a frugal fiscal climate, prompting agencies like the Department of Defense (DoD) and the Department of Health and Human Services (HHS) to improve their efficiency. Elon Musk, who is leading President Donald Trump’s federal cost-cutting effort through DOGE, aims to reduce government spending by $1 trillion by the end of May. This ambitious goal would require significant cuts to non-defense discretionary programs, which totaled $1.8 trillion in 2024.
