- Dogecoin’s price dropped 2% despite news of a new $200 million treasury initiative led by Musk’s lawyer.
- Alex Spiro, Musk’s attorney, is behind the new venture, which seeks public investment for Dogecoin’s treasury.
- Analysts predict a potential 30% rally for Dogecoin, despite the current price decline and lack of launch details.
Dogecoin (DOGE) fell by over 2% to $0.21 in the last 24 hours, defying its usual trend of rising following Elon Musk-related news. This decline comes despite the buzz surrounding a new venture tied to Musk’s legal advisor, Alex Spiro.
Sources reveal that Spiro is reportedly spearheading a project aimed at raising $200 million from public investors for Dogecoin’s treasury. The initiative, backed by the House of Doge, would position Dogecoin for a more structured corporate approach. The project, still in its early stages, is said to have been approved by the official Dogecoin organization, which has many investors and analysts eager for more details.
Market Response Remains Tepid
Despite the optimism around the treasury project, Dogecoin’s price has slipped, highlighting that traders may be prioritizing market fundamentals over speculative news. Historically, the value of Dogecoin has often reacted to Musk’s public comments, but this latest development has failed to spark the same enthusiasm. Many traders remain cautious due to a lack of concrete details regarding the project and a lack of a clear timeline for its launch.
Spiro is no stranger to high-profile crypto cases, having previously defended Musk against accusations of market manipulation. In August 2024, Spiro successfully helped Musk dismiss a lawsuit that accused him of manipulating Dogecoin markets through his social media posts. His legal expertise and connections to high-profile figures like Musk have made him a key player in the crypto space.
Potential for Future Growth Remains
Despite the current price dip, analysts have expressed optimism about Dogecoin’s future. Some experts, including analyst Ali, believe that Dogecoin could be poised for a 30% upward movement, pointing to a technical setup that suggests a potential rally. The introduction of the treasury project, if successful, could provide sustained buying pressure, giving the coin a much-needed boost in the future.
