Dogecoin Down 0.63% Amid Elon Musk Criticism and Coinbase Boost: Is DOGE Headed to $1?

Dogecoin (CRYPTO: DOGE) is trading for $0.2256 after falling 0.63% over the past 24 hours, even as it rose 10.76% over the week and 46.53% over the month. The decline comes after growing hostility within the Dogecoin community, in spite of bullish technical indicators.

Some believe the suspensions are being done under the guidance, or maybe the neglect, of Elon Musk, who has been the biggest supporter of DOGE. User @BackToTheDoge complained that accounts that contained the word “Dogecoin” in their handle or description were suspended, despite the U.S. Patent and Trademark Office ruling the name generic.

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The user was frustrated with the inaction of Musk and the X team, as they are shutting out grassroots supporters who once grew through DOGE content. The community members have started questioning Musk’s stance on DOGE, and want more clarity on the platform’s moderation rules.

Dogecoin received an unexpected boost from Coinbase as it showed support for cbDOGE, a wrapped Dogecoin based on the Base Layer-2 network. The news shows a growing institutional interest in integrating DOGE into the larger DeFi ecosystem, even if the asset is not yet operational.

Coinbase has seen success with a similar wrapped product, cbBTC, which reached a $1 billion market cap in less than two months. If cbDOGE achieves even a percentage of that success, it may boost demand and exposure for Dogecoin significantly.

Analysts point out DOGE broke above a downwards trendline, which has been capping price action since January. The trendline had previously halted rallies at around $0.43, $0.19, and $0.16, but with the breakout, DOGE might have established a new price floor. 

The Ichimoku Cloud has become bullish, which is a technical signal indicating a reversal from resistance to support. Fibonacci extension levels indicate possible upside targets of $0.69 and $0.81.

There are rumors of DOGE reaching $1 over the summer. There could be a 320% rise from the recent price, which would set Dogecoin’s market cap at close to $150 billion. A developing cup-and-handle formation like 2021 is pointing to a longer-term breakout. 

Traders on prediction platform Kalshi put the odds of Dogecoin topping $1 before Jan. 1, 2026 at just 10%.

On-chain data reveals surging user activity, though. New wallet addresses doubled in a week, active wallets rose over 110%, and zero-balance wallets rose 154%, due to growing retail participation. Futures tied to Dogecoin have seen a rise in open interest, climbing from approximately $989 million to $1.62 billion.

Although some fans are uneasy with Musk’s silence, DOGE may be about to enter a new era, founded on institutional and technological support rather than fame. Whether or not this will be enough to propel Dogecoin to $1 is uncertain, but the momentum is definitely shifting.

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