Dogecoin (DOGE) Skyrockets 38% In Trading Volume – Here’s Why
Release: 2024/06/29 13:34 Reading: 859
Dogecoin's Surge: A Bullish Indicator Amidst Market Weakness
In the past 24 hours, Dogecoin (DOGE) has experienced a remarkable 38% increase in trading volume, propelling it to a current trading volume of $659.84 billion.
Amidst a bearish crypto market, this surge in DOGE activity comes as a welcome sign. Despite a 23.90% price retraction over the past month, today's elevated trading activity indicates a potential shift in market sentiment.
The price of DOGE has already risen 3.34% in the last 24 hours, reaching $0.1234 at press time. While not a significant rebound, it represents a notable jump with the potential to alter the market trajectory.
Crucially, Dogecoin traders are returning to the market. This surge in trading activity is essential for DOGE to sustain an upward rally.
Another positive development for DOGE is the strategic positioning of traders. According to CoinGlass data, the coin's Open Interest (OI) has increased by 7.25%, currently standing at $643.30 million. This rising OI suggests a shift in sentiment.
Notably, this increased OI is prevalent on prominent crypto trading platforms. Out of the total OI, $174.75 million comes from Bybit, $167.62 million from Binance, and $75.83 million from OKX, indicating rising activity across major exchanges.
As the leading meme coin, Dogecoin's surge may have positive implications for the entire meme coin market, which includes Shiba Inu (SHIB) and Pepe (PEPE). This sector has faced significant setbacks during the recent crypto market downturn. However, DOGE's bullish signals could potentially lead to a broader uptick in other meme coins.
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