Dogecoin has been the "King of Dogecoins" for 12 years! Exchanges have accumulated tens of billions to support it, and may it fall again? Who is the biggest winner?

ELON 2025-11-12 12:23 54069人围观 DOGE

As a pioneer of meme coins, Dogecoin has shown outstanding staying power in its nearly twelve years of development. Since its inception in December 2013, DOGE has consistently ranked among the top 20 in market capitalization, becoming the only token among

As the pioneer of meme coins, Dogecoin has demonstrated remarkable staying power in its nearly twelve years of development. Since its inception in December 2013, DOGE has consistently ranked among the top 20 in market capitalization, becoming the only token among similar projects that has maintained its leading position for a long time, witnessing multiple cycles of the crypto market and still standing firm.

DOGE position distribution in 2025: Exchanges dominate the custody market

Robinhood tops the list with a holding of 27.16 billion DOGE (approximately $4.8 billion), accounting for 17.9% of the total token supply, making it the largest on-chain custodian.

Binance ranks second with 15.7 billion coins (approximately US$2.77 billion), accounting for 7.2%.

Upbit ranked third with 10.56 billion coins (approximately US$1.86 billion), accounting for 6.9% of the total circulation.

Development momentum and regulatory opportunities

Despite DOGE being one of the most popular cryptocurrencies, price performance has been relatively lackluster in recent years. Data shows that its current price is still down about 76% from its historical high of $0.7316. However, with the recent shift in interest rate policy and the lifting of the U.S. government shutdown crisis, the market environment is expected to inject new impetus into the meme sector.

What is even more noteworthy is that multiple Dogecoin spot ETF applications are pending approval by the U.S. Securities and Exchange Commission (SEC). If any application is approved, DOGE may see unprecedented institutional capital inflows, pushing prices to challenge historical peaks.

Technical Analysis: Long-Term Structure and Correction Risk

The current price of DOGE is stuck in a narrow range, and investors are uncertain about the direction of the market outlook. Some analysts used Elliott Wave Theory to point out that DOGE may be in a lengthy correction phase, and the overall structure may be traced back to the "fourth wave adjustment" starting in May 2021. This stage is characterized by alternating ABC waveforms, forming a complex horizontal consolidation pattern.

Observed from a more subdivided structure, prices may form a "guiding diagonal" from the end of 2023, which usually appears at the starting point of a new upward cycle, but is accompanied by the risk of a deep retracement. DOGE has now reached the 0.5 Fibonacci retracement level, and the 0.618 strong support area is within easy reach.

If the support of 0.15-0.17 US dollars fails, DOGE may further test the lower track of the channel. In the most pessimistic scenario, it may fall to the 0.618-0.786 retracement area (below 0.10 US dollars), completing the sub-pulse surf (ii) or the final bottom of the C wave.

Downside risks and upside potential

Although a fall below $0.10 seems unlikely, if selling pressure intensifies, a 33% decline from current levels could reach this target. Such a decline does not affect the long-term bullish structure, but it may mark the final correction phase of the impulsive wave that began in mid-2021.

On the other hand, if the support near $0.16 continues to be effective and breaks through the key level of $0.20 with heavy volume, it may start a new upward trend, with the mid-term target pointing above $0.50. Once it effectively breaks through $0.50, the existing fourth wave adjustment conclusion will be invalid.

As of press time, DOGE was temporarily trading at $0.1774, down 1.9% in 24 hours.

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