Dogecoin (DOGE) has it shot itself 38.13% in trading volume in the last 24 hours. Its trading volume now stands at $659.84 billion, thanks to this latest increase. The cryptocurrency market has been quite bearish in the last days. Therefore, this Dogecoin surge seems to come at the right time.
Dogecoin (DOGE) has it shot itself 38.13% in trading volume in the last 24 hours. Its trading volume now stands at $659.84 billion, thanks to this latest increase. The cryptocurrency market has been quite bearish over the past few days, so this surge in Dogecoin seems to come at the right time.
The price of DOGE has retraced 23.90% over the last month. However, the increasing trading activity that the meme coin has been experiencing today seems to change the market sentiment. In fact, the price of Dogecoin has already increased by 3.34% in the last 24 hours. The price is $0.1271 at the time of publication.
While this isn’t one of those big comebacks you expect for DOGE, it still seems to be a notable jump that has the potential to turn the tide. But more importantly, Dogecoin traders are returning to the market. It’s a good sign, as increased trading activity is one of those things the meme coin needs to sustain a bullish rally.
Dogecoin sees a surge in open interest
Another positive thing happening with DOGE is that traders have started taking strategic positions. According to CoinGlass data, the coin has witnessed a 7.25% increase in its open interest (OI). Currently at $643.30 million, this rising OI is an important indicator of changing sentiment.
Notably, this increase in OI is seen on some of the most prominent cryptocurrency trading platforms. Of the total $643.30 million, $174.75 million comes from Bybit, $167.62 million from Binance, and $75.83 million from OKX, among others. This means that DOGE is seeing increasing activity on almost all major exchanges.
Dogecoin leads the meme coin market, which includes notable coins such as Shiba Inu (SHIB) and Pepe (PEPE). This sector was also greatly affected by the recent cryptocurrency market crash. However, DOGE is now receiving major bullish signals and its possible upward move means that the other coins may follow suit.
