Dogecoin (DOGE), the meme coin that started as a joke, is showing major signs of life as it experiences a massive surge in trading volume. According CoinGlass data, Dogecoin trading volume has skyrocketed by an impressive 47.62% in the last 24 hours, reaching $1.32 billion. This sudden increase in activity is generating optimism in the community.
Dogecoin (DOGE), the meme coin that started as a joke, is showing major signs of life as it experiences a massive surge in trading volume. According CoinGlass data, Dogecoin trading volume has skyrocketed by an impressive 47.62% in the last 24 hours, reaching $1.32 billion. This sudden increase in activity is generating optimism in the community.
Currently, DOGE is trading at $0.1607, which is a slight decrease of 1.04% in the last 24 hours. However, despite this small drop, the coin has seen a healthy 8.47% rise in the last 30 days. This indicates that the meme coin is beginning to gain momentumand market fundamentals suggest this trend may continue.
Technical indicators turn bullish
Several technical indicators are supporting the bullish outlook for Dogecoin. DOGE’s Relative Strength Index (RSI) stands at 50.94, placing it firmly in the buy zone. This level suggests that traders are optimistic about Dogecoin’s prospects and that there is room for an upward move before the asset enters overbought territory.
Furthermore, the leader coin meme It is currently trading above its 200-day simple moving average (SMA) and 200-day exponential moving average (EMA). These long-term moving averages are crucial indicators of market trend, and trading above them is often considered a strong bullish signal. This alignment further reinforces the positive sentiment surrounding the meme-inspired coin.
Dogecoin holders make profits
Beyond the technical indicators, the data IntoTheBlock reveals that a substantial 84% of Dogecoin holders are profiting at current price levels. This high percentage of profitable positions indicates sustained bullish momentum and suggests that investors are holding on to their DOGE with the expectation of future profits.
Increased trading volume and positive market indicators do not occur in isolation. The broader cryptocurrency market has seen a resurgence, with many altcoins showing significant price increases. Dogecoin, with its strong community and growing acceptance, appears to be benefiting from this positive market sentiment.
