Meme token climbs to $0.24 peak with volume nearly doubling monthly averages, signaling institutional activity behind the rally.News Background• The Federal Reserve signaled a softer stance on crypto banking rules, while Wyoming launched the first state-backed stablecoin. Both developments lifted sentiment around digital assets.• Trump-linked entity Thumzup completed a $50 million acquisition of Dogecoin mining firm Dogehash, forming what executives claim is the largest DOGE mining operation.• SoFi became the first U.S. banking institution to integrate Bitcoin’s Lightning Network for remittances, reinforcing broader institutional adoption of crypto infrastructure.• Whale wallets accumulated 680 million DOGE tokens through August, cementing rising institutional flows despite retail-driven volatility.Price Action Summary• DOGE rallied 8% in the Aug. 22–23 session, climbing from $0.22 to $0.24 in a $0.02 range.• The sharpest move came at 14:00 GMT on Aug. 22, when DOGE spiked from $0.21 to $0.23 on 4.27B volume, nearly quadruple the hourly average.• Support now holds at $0.21 after a successful retest, while resistance capped gains at the $0.24 psychological level.• A late-session surge added 1% from $0.23 to $0.24, with a volume peak of 28.1M at 04:52 GMT confirming accumulation.• Price action shows consecutive higher lows, suggesting sustained buying pressure and potential trend continuation.Market AnalysisDOGE’s breakout aligns with a broader crypto rebound as risk appetite improved across equities and digital assets. The combination of Fed policy recalibration, state-level stablecoin adoption, and a high-profile mining acquisition amplified institutional participation in a token often viewed as purely retail-driven.The $0.24 level remains a critical inflection point. A sustained breakout could open momentum targets toward $0.26, while failure risks renewed retests of $0.21 support.Technical Indicators• 24-hour gain of 8% from $0.22 to $0.24 with $0.02 trading range.• Volume spiked 97% above 30-day average with 4.27B tokens traded.• Support confirmed at $0.21 following intraday retest.• Resistance hardened at $0.24 psychological threshold.• Consecutive higher lows point to bullish structure.• Volume surge of 28.1M at 04:52 GMT validates institutional flows.What Traders Are Watching• Whether DOGE can establish $0.24 as support for a clean breakout toward $0.26.• Ongoing whale accumulation trends versus potential retail profit-taking at resistance.• Impact of Wyoming’s state-backed stablecoin launch on memecoin liquidity flows.• Futures open interest reaction after heavy spot-driven rally.