Dogecoin’s trading volume surges by over 35% in the past 24 hours
Release: 2024/05/25 15:59 Reading: 678
Dogecoin's Trading Volume Surges Amidst Market Downturn
Despite the global crypto market experiencing a decline, Dogecoin (DOGE) has witnessed a significant surge in trading volume, exceeding 35.67% since the commencement of trading hours. This surge has contributed to a 10.5% increase in Dogecoin's price, from $0.1562 to $0.1727.
The launch of the spot Ethereum ETF has infused optimism into the crypto market. However, following the initial excitement, major cryptocurrencies have retreated to their previous levels. Amidst this backdrop, Dogecoin has emerged as a bullish outlier. It remains to be seen whether the bulls can sustain the DOGE hype.
The recent passing of Kabosu, the Shiba Inu who inspired the Dogecoin meme, has sparked brief price spikes. Dogecoin, the preeminent meme currency by market capitalization, was conceived in December 2013 from a viral meme circulating in the early 2010s. Its popularity led to the creation of numerous other dog-themed cryptocurrencies.
Dogecoin's popularity waned during the 2021 bear market, particularly after Elon Musk referred to it as a "hustle" on SNL. Moreover, the proliferation of other Dogecoin-inspired meme currencies has diverted attention from the original.
Nonetheless, DOGE has experienced sporadic bullish surges since then, often coinciding with Musk's public support. The recent increase in trading volume since the start of the year suggests a potential Dogecoin resurgence.
After falling from its annual peak of approximately $0.22, Dogecoin is currently trading within a range of $0.16 to $0.19. If its upward momentum persists, DOGE may challenge resistance at $0.20 and rally towards $0.22 and $0.25. A breakout above $0.28 could indicate a robust bullish trend, potentially ensuring a positive 2024 close.
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