Dogecoin (DOGE) Skyrockets 38% in Volume - Here's Why
Release: 2024/06/28 22:04 Reading: 349
Dogecoin Surges Amid Bearish Market
Despite the ongoing market downturn, Dogecoin (DOGE) has experienced a notable surge in trading volume of 38.13% over the past 24 hours. This uptick brings its total trading volume to an impressive $659.84 billion.
Rising Trading Activity and Price Increase
While DOGE has declined 23.90% over the past month, the recent surge in trading activity indicates a shift in market sentiment. The coin's price has already risen by 3.34% in the last 24 hours, currently standing at $0.1271.
This uptick, while not a substantial comeback, suggests the potential for a reversal of the downtrend. Notably, the increase in trading volume is crucial for Dogecoin to sustain its upward momentum.
Growing Open Interest
Another positive indicator for DOGE is the increase in Open Interest (OI) by 7.25%, currently reaching $643.30 million. This rise in OI indicates that traders are positioning themselves strategically, anticipating a potential upward movement.
The OI growth is evident on major crypto exchanges, including Bybit ($174.75 million), Binance ($167.62 million), and OKX ($75.83 million). This widespread activity across multiple platforms signals a renewed interest in Dogecoin.
Implications for Meme Coin Market
As the leader of the meme coin market, Dogecoin's positive momentum may have implications for other meme coins like Shiba Inu (SHIB) and Pepe (PEPE). The sector has been heavily impacted by the recent market decline, but DOGE's bullish signals suggest that the other coins may also follow suit.
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