According to CoinGape, the price of Dogecoin (DOGE) rose by 2% on June 8 (local time), reaching $0.086. In particular, it recorded higher trading volume than Ripple (XRP) on the OKX exchange. According to a CoinGape report citing CoinMarketCap data, the DOGE/USDT trading volume on OKX that day recorded $38 million, while the XRP/USDT trading volume recorded $30 million. The total trading volume share was also shown to be 5% for Dogecoin and 1.58% for Ripple. In terms of trading volume rankings, DOGE/USDT took 8th place, and XRP/USDT took 13th place. CoinGape analyzed that this increase in trading volume is linked to expectations for the SpaceX Initial Public Offering (IPO) scheduled for June 12 (local time). It also reported that there is a background of accumulation by whale investors. According to cryptocurrency analyst Ali Martinez, large investors accumulated more than 200 million Dogecoins between June 4 and June 8 (local time). CoinGape reported that on a weekly chart basis, Dogecoin is forming a strong support line at $0.081. This support line, first formed in February 2024, has been maintained for about 28 months, and Dogecoin has rebounded three times in this range. CoinGape explained that this support line also serves as the bottom of a descending triangle pattern. However, by maintaining the support line, Dogecoin invalidated the 72% decline scenario and is expected to avoid a crash to the $0.06 range. Regarding the upward outlook, CoinGape stated that if the recent three-day consecutive upward trend continues, $0.11 could be the next major resistance level. If this is broken through, the descending triangle pattern will be invalidated, making a long-term bullish outlook possible. However, CoinGape pointed out that the current Relative Strength Index (RSI) is at 35, indicating that market momentum is still weak. On the other hand, the fact that the RSI decline stopped around 35 could provide room for a rebound for buyers. According to CoinGape, citing CoinGlass data, if the Dogecoin price reaches $0.10, short positions worth approximately $296 million will be at risk of liquidation. Over the recent six days, the scale of long position liquidations has remained at the $69 million level. CoinGape analyzed that the liquidation risk for short positions is greater than for longs, and with trading volume also increasing, the likelihood of a rise to the psychological resistance level of $0.10 is growing. [This article is absolutely not an investment recommendation. The content may merely be an opinion, so please do not use it as a reference for investment or reflect it as data. All investments are made by individual choice and judgment, and the final responsibility lies with the investor. This publication assumes absolutely no responsibility.]