Dogecoin does not need Elon Musk anymore, 3 factors driving DOGE's price rally

Dogecoin’s much-anticipated rally is here, interestingly, without any push from ‘DOGE Father’ himself, Elon Musk.

This time, the rally is not a typical “sell the news” event but is being driven by a mix of factor including the much-anticipated DOJE exchange-traded fund (ETF), which was supposed to launch last week but is now expected to debut next week, as well as treasury accumulation and speculative leverage, tempered by analyst warnings that price is running into resistance.

Related: How to buy REX-Osprey DOJE (Dogecoin, XRP, Trump, Bonk ETF) shares

DOGE has traded between $0.27 and $0.30 over the past day after touching $0.3070 intraday, leaving it higher on the week and month but volatile on shorter timeframes. Prices have been bouncing, climbing into the low $0.30s before sliding back to around $0.26 to $0.27, with the latest level near $0.2749.

A lot of traders are using leverage, meaning they’re borrowing money to make bigger bets on DOGE. On Binance and OKX, for every one person betting against DOGE, about two to three are betting it will rise. Among top traders, that ratio is even more skewed, with four to five bullish bets for every bearish one, data from on-chain analytics platform CoinGlass shows.

But leverage cuts both ways. If the price doesn’t move in a trader’s favor, exchanges automatically close their positions, known as a liquidation. In the past 24 hours, about $29.6 million in Dogecoin trades were wiped out, and nearly $25 million of those losses came from traders who bet too heavily on DOGE continuing to climb. In short, traders are bullish on Dogecoin, but those using borrowed money can lose fast if the price dips.

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Bloomberg’s Eric Balchunas said the Rex-Osprey DOGE ETF (DOJE) listing has been pushed again, likely to mid-next week, after an earlier plan to list alongside other crypto funds on Sept. 12.

He expects four to five DOGE ETFs to launch in October or November but stressed the first product is “not really spot.” Instead, it is a ’40 Act fund using a Cayman subsidiary and derivatives, not direct DOGE holdings.

Companies are beginning to stockpile cryptocurrencies, drawing inspiration from Michael Saylor’s MicroStrategy, which now owns 638,460 Bitcoin worth $73.6 billion. More than 150 companies now hold Bitcoin.

The trend has shifted toward Ethereum, Solana, and even Worldcoin. Tom Lee’s Bitmine Immersion Tech holds 2.07 million ETH worth $9.51 billion. Several public companies are also adding Solana (SOL) to their treasuries. U.S. firms like DeFi Development Corp., Upexi, and Sharps Technology each hold around 2 million SOL apiece, together worth nearly $1.5 billion, per data from CoinGecko.

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Sam Altman’s Worldcoin also attracted attention after Eightco Holdings announced a $270 million private placement to fund the first Worldcoin (WLD) treasury strategy.

Dogecoin is finally seeing similar moves. CleanCore Solutions (ZONE) disclosed 500 million DOGE acquired toward a 1 billion target, about 0.33% of supply via Bitstamp/Robinhood routes, as part of a plan to become a leading Dogecoin treasury. Another listed firm, Bit Origin (BTOG), reported holding 70.5 million DOGE.

Crypto analyst CrediBULLCrypto on X argued that DOGE is “at monthly supply,” retesting a prior breakdown zone rather than “breaking out.” He warned this is a high-probability rejection area if the broader market bottom is not yet set, suggesting patience rather than chasing.

Another trader, Arman_Trading on X, pointed to DOGE’s surge to $0.3070 and a 50% rally from prior lows, citing targets at $0.32, $0.41, and even $0.70 if momentum continues.

This sets up two scenarios:

• Bull case: Institutional wrappers widen distribution; treasury demand reduces float; sentiment and leverage favor upside if $0.30–$0.32 flips to support.

• Bear case: ETF delays, non-spot structure, and the monthly supply zone argue for downside risk; crowded longs and rising liquidations could accelerate dips.

DOGE’s story this week is not based on an Elon Musk tweet or celebrity hype. Its future now hinges on institutional interest that could change the first memecoin’s role in the broader crypto market.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency trading is highly speculative and volatile. Always do your own research and consider consulting a licensed financial advisor before investing.

Related: Dogecoin brought users to Bitcoin — now institutions will take it to $1M, says Gokhstein

This story was originally reported by TheStreet on Sep 14, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.