Oscar Wilde’s Guide to Dogecoin: Musk’s Legal Luminary Steers $200M Treasury Ship 🐕💸

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Key Takeaways

Dogecoin, that most fashionable of memecoins, has finally found its muse: institutional investors, led by none other than Elon Musk’s legal acrobat, Alex Spiro, who will chair a $200 million treasury company. Futures traders bet boldly, while on-chain demand sputters like a dog chasing its tail.

Ah, Dogecoin [DOGE], the crypto world’s most charming underdog, has been languishing in the shadow of its more illustrious cousins. Why? Lack of institutional backing, of course! But fear not-now the tides shift, and the sharks are circling with pitchforks (and spreadsheets).

Elon Musk’s Lawyer Chairs Dogecoin Treasury Company

In a twist of fate worthy of a Wildean farce, Dogecoin’s fortunes are now in the hands of Mr. Alex Spiro, Musk’s legal virtuoso. According to Fortune, a $200 million treasury company will buy and hoard DOGE like Scrooge McDuck in a crypto-themed vault.

The House of Doge, ever the optimist, has blessed this venture. Whether Musk himself will don a top hat and join the party remains uncertain, but Spiro’s role is as clear as a Shiba Inu’s bark: he’s the ringmaster.

Dogecoin Futures Hold Strong

As whispers of this treasure hunt spread, Futures traders threw caution to the wind. The Long/Short Ratio soared to 4.15, with 80.58% of positions leaning bullish. A positive Funding Rate? Merely the cherry on top of a cake already drowning in speculation.

One might say the market is betting on DOGE’s ascension to stardom. Or, more likely, they’re simply hoping it doesn’t crash like a poorly trained Shiba Inu.

Spot Demand Fails to Reawaken

Despite the hullabaloo, Dogecoin’s on-chain demand remains as lively as a sock puppet convention. For seven days straight, the Buy-Sell Delta has been negative, with $1.1 billion in sell volume versus $1 billion in buys-a battle lost before it began.

The Price DAA Divergence? Negative, of course. Even the most ardent Shiba Inu fan would struggle to find joy in these numbers. One can only wonder if the coin’s creators forgot to include a “buy the dip” clause in its code.

Did the News Impact DOGE?

At press time, DOGE traded at $0.217, a paltry 1.37% gain in 24 hours. Prior to this, it had plummeted 9% weekly, proving that even a $200 million treasury can’t outshine a bear market’s sly grin.

TradingView data reveals a Stochastic RSI of 31.34 after a bearish crossover, and DOGE languishes below its Parabolic SAR. Resistance near $0.24 looms, but sellers may yet drag it back to $0.20. All hail the drama of crypto!

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2025-08-30 17:15