DOGE pops 9% as SHIB flows confirm memecoin momentum
Dogecoin ripped nearly 9% higher, breaking through resistance on more than a billion tokens traded. Support reset to $0.242 after an early breakout, while late-session flows pushed DOGE into the $0.254 zone before consolidation.
Traders pointed to SHIB’s parallel 6% rally — underpinned by record trillion-token turnover and exchange balances at two-year lows — as further evidence of institutional accumulation across meme-coins.
News background
DOGE advanced 8.8% over the 24 hours from Oct. 1, 03:00 to Oct. 2, 02:00, climbing from $0.23 to $0.25. The move was fueled by speculation around U.S. ETF approvals and aggressive institutional positioning.
SHIB also surged 6.2% in the same window, with exchange reserves dropping to multi-year lows, underscoring a reduction in available supply as meme-coins gained broader bid interest.
Price action summary
- DOGE traded a $0.02 corridor, marking 9.3% volatility.
- Breakout at 08:00 drove price from $0.234 to $0.242 on 1.03B tokens — 4x the average.
- Intraday highs stretched to $0.249 and $0.253 before sellers capped at $0.254.
- Final hour saw DOGE climb from $0.248 to $0.254 on back-to-back 40M+ surges, settling near $0.252.
Technical analysis
Support has shifted to $0.242 following the breakout, with resistance hardened at $0.254–$0.255. The session carved an ascending triangle, validated by higher lows and sustained turnover.
Technical desks noted Golden Cross signals across majors, reinforcing bullish momentum. Analysts flagged a decisive break above $0.255 as opening a path toward $0.32 — with ETF-driven flows providing the catalyst.
What traders are watching?
- Whether DOGE can flip $0.25 into firm support and push toward $0.32.
- If ETF speculation continues to underpin both DOGE and SHIB into October deadlines.
- SHIB’s exchange supply squeeze — at two-year lows — as a potential tailwind for meme-coin rotation.
- CD20 index reaction after both DOGE (+9%) and SHIB (+6%) posted outsized moves on heavy turnover.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
