Dogecoin (DOGE) has seen its trading volume soar by about 38% in the last 24 hours, reaching $659.84 billion due to the recent surge.
The crypto market has been down recently, so this surge in Dogecoin comes at a much-needed time.
Dogecoin Shows Signs of Recovery Amidst Market Downturn
Over the past month, Dogecoin (DOGE) has seen its price drop by 23.90%. However, the recent increase in trading activity could signal a shift in market sentiment.
In the last 24 hours, Dogecoin’s price has risen by 3.34%, reaching $0.1234 at press time. While this may not be a dramatic comeback, it represents a notable jump that could help reverse the trend.
DOGE Price Chart | Source: Coinstats
Importantly, Dogecoin traders are starting to return to the market. Increased trading activity is crucial for sustaining an upward rally for the meme coin. Additionally, traders are beginning to position themselves strategically, which is a positive sign for DOGE’s future.
Dogecoin’s Open Interest Surge Indicates Shifting Market Sentiment
According to CoinGlass data, Dogecoin (DOGE) has experienced a 7.25% increase in its Open Interest (OI), which now stands at $643.30 million. This rise in OI is a significant indicator of changing market sentiment.
This increase in OI is observed across several major crypto trading platforms. Specifically, $174.75 million of the total OI comes from Bybit, $167.62 million from Binance, and $75.83 million from OKX, among others. This indicates that DOGE is seeing rising activity on nearly all of the top exchanges.
Dogecoin remains a leading force in the meme coin market, which also includes notable coins like Shiba Inu (SHIB) and Pepe (PEPE). Although this sector has been heavily impacted by the recent crypto market downturn, DOGE is now showing strong bullish signals. Its potential upward movement could influence other meme coins to follow a similar trend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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