$1.15 Billion Dogecoin (DOGE) in 24 Hours, What Happened?
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The Dogecoin (DOGE) price may soon trigger a rebound as bullish signals have started to emerge today. The consolidation period has been causing some troubles for traders, but it is likely that positive sentiment will prevail in the coming days. The largest meme coin in terms of market cap is eyeing a potential rally.
Dogecoin volume skyrockets
To begin with, DOGE has witnessed a huge surge of 52.36% in its trading volume. This surge takes the 24-hour volume to the $1.15 billion level. It is a clear indication of the resurgence of bullish sentiment on the market as investors have started to show more interest in the meme coin.
Moreover, the rising trading activity amid the lackluster performance of the coin shows that traders are potentially buying the dips. The last time Dogecoin’s trading volume went above the $1.5 billion market resulted in a major price increase as the coin hit the cycle high of $0.20.
Another metric turns bullish
In addition, the Options Open Interest (OI) of DOGE has also soared 82.66% over the last 24 hours. It is currently at the $169.49K level. This surge in OI indicates an increase of open positions for DOGE as investors have started to turn bullish on the meme coin. It is a key metric as a rise in OI typically results in the upward movement in the DOGE price.
As of now, Dogecoin is trading at $0.1064, after a fall of 1.09% in the past day. While this figure may appear bearish, the meme coin has skyrocketed 24.72% over the last seven days. DOGE has managed to shed its recent losses while removing a zero from its price.
This weekly surge is yet another indicator of positive sentiment returning to the Dogecoin market. Consequently, traders are expecting more gains as the meme coin is famous for triggering massive price rallies after brief corrections or consolidation periods.
Arman Shirinyan
Alex Dovbnya