Dogecoin rose 2% to $0.086 on June 8, with trading volume on the OKX exchange surpassing that of XRP. The meme coin is also defending a two-year support level, while the upcoming SpaceX IPO on June 12 is expected to add buying pressure.
Trading volume gap on OKX
On OKX, one of the major crypto exchanges, Dogecoin recorded higher trading volume than XRP — a notable shift given XRP's larger market cap. The data suggests short-term trader interest is concentrated on DOGE, at least on that platform. Whether the volume spike will hold beyond the day remains unclear, but it's the kind of metric traders watch for signs of renewed momentum.
Support level holds
Dogecoin's price is now defending a support level that's been in place for two years. That means the current $0.086 zone has historically been a floor, and a break below it would be a bearish signal. For now, buyers are stepping in to keep it above that line. The fact that it's held during a quiet market period matters — if the level breaks, the next stop could be lower. But June 8's 2% gain suggests the floor is still firm.
SpaceX IPO effect
SpaceX's initial public offering is scheduled for June 12, and some traders expect it to increase buying pressure for Dogecoin. The reasoning: Elon Musk, SpaceX's CEO, has long been associated with Dogecoin, and the IPO could draw attention to the token. It's not a guaranteed pump — IPOs don't always lift related assets — but the timing has investors watching. If the IPO generates positive headlines, Dogecoin could get a bump. If it fizzles, the support level might get tested again.
