DOGE Bounces from Support As Elon Musk’s Aid Pushes $200M Dogecoin Treasury Plan

After facing strong selling pressure, DOGE price has bounced back from the support at $0.21, as Elon’s Musk’s lawyer Alex Spiro pitches a $200 million Dogecoin Treasury plan. As per reports, investors are receiving pitches to invest in DOGE as part of the treasury plan. The daily trading volume for DOGE has surged 45% to $2.58 billion.

Elon Musk’s Aid Working on Dogecoin Treasury Plan

Alex Spiro, the personal lawyer of the world’s richest man, Elon Musk, is working on forming a Dogecoin Treasury company by raising $200 million, said sources familiar with the matter. House of Doge, the corporate entity overseeing Dogecoin, has reportedly approved the treasury initiative as the “official” Dogecoin vehicle, according to three sources.

Established in early 2025 by the Dogecoin Foundation, House of Doge is responsible for developing and promoting the lagest memecoin. This move comes as players like BitOrigin are already working on a $500 million Dogecoin Treasury plan.

Musk’s lawyer Alex Spiro is expected to serve as chairman of the new public company, according to a pitch shared with a potential investor and confirmed by five sources. Musk’s involvement in the entity, if any, remains unclear. However, the tech billionaire has a significant influence on the Dogecoin community. But for a long time, Musk has stayed silent from commenting on the meme coin.

DOGE Bounces from Support

Following the development, the DOGE price bounced back from the support at $0.21, after facing strong selling pressure following the broader crypto market correction.

DOGE price has been an underperformer among other altcoins, with negative gains on the monthly chart. Following the rejection at $0.28, the meme coin has been moving sideways with no catalyst in sight. The chart shows that the price action remains consolidated in a symmetrical triangle pattern. Popular crypto analyst Ali Martinez stated that a 30% DOGE price breakout is possible in either direction.

Dogecoin $DOGE is ready for a 30% move! pic.twitter.com/Zeqo7zL9mW

— Ali (@ali_charts) August 29, 2025

If this Dogecoin Treasury plan from Elon Musk’s lawyer plays out, we could see a strong upside move from the bulls.

Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.