Dogecoin is expanding its presence in the cryptocurrency ecosystem by becoming available on Solana. This move comes as technical analysis suggests a possible price breakout toward $0.31, following a bullish chart pattern. The integration is powered by Wormhole’s Native Token Transfers (NTT) framework and utilizes zero-knowledge proofs.
Dogecoin Integration into Solana Through Wormhole
Wormhole announced the integration of Dogecoin into Solana using its Native Token Transfers (NTT) framework. This upgrade enables DOGE to operate as a Solana-native token. The NTT technology allows seamless multichain transfers while maintaining control over token supply and contract upgrades.
This collaboration was developed with the help of Psy and RISC Zero. These teams used zero-knowledge proofs (ZKPs) to support the secure and verifiable transfer of assets across blockchains. Wormhole stated,
“Bringing DOGE to Solana combines two massive industry forces… and we’re excited Wormhole is the infrastructure provider to make this moment a reality.”
Wormhole claims to have facilitated over $11.5 billion in inflows to Solana. This is reportedly more than any other interoperability platform in the market. With this integration, DOGE joins an ecosystem already hosting major assets and stablecoins across multiple chains.
DOGE Price Patterns Show a Bullish Signal
According to crypto analyst TraderTardigrade, DOGE’s price chart shows a Cup and Handle pattern forming on the daily time frame, viewed as a bullish continuation pattern. The “cup” part of the pattern took shape over several months, forming a rounded bottom. This shape often appears after a period of price consolidation.
Following the cup, a smaller downward channel formed, known as the “handle.” This segment shows a temporary dip in price before a breakout. The handle has been relatively shallow, which may point to stronger buyer interest and less selling pressure.
DOGE price recently moved past a resistance zone near $0.245. This area has served as a ceiling for several weeks. If the DOGE price continues above this level with strong trading volume, the chart suggests that DOGE could rise toward the $0.355 mark.
DOGE Open Interest Soars 11%
As of this writing, Dogecoin is trading at $0.2418 with a market capitalization of $36.12 billion. Over the past 24 hours, DOGE has seen a trading volume of $2.83 billion, marking an increase of over 4%. This bullish rally is irrespective of the recent delayed decision on DOGE ETFs from Grayscale Investments and 21Shares.
Source: Coinglass
In addition, derivative market activity also shows increased interest in Dogecoin. Options volume is up by more than 130% to $349.57 million. Open interest in DOGE futures stands at $2.97 billion, which is up by more than 11%. This growth suggests more traders are positioning themselves for possible price movement.
At the same time, total DOGE spot volume across exchanges decreased by 3.93%. This could mean traders are focusing more on derivatives as they wait for a confirmed breakout above $0.245.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
