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.
Dogecoin (DOGE), the leading meme coin in the digital space, has recorded a significant surge in trading volume within the last 24 hours. Notably, Binance has seen over 135 million DOGE transactions among market participants in the industry.
Ongoing Dogecoin consolidation
The cumulative volume registered on Binance stands at 135,428,813 DOGE. This indicates increased interest among users of the Binance platform despite the price volatility hitting Dogecoin.
As of this writing, DOGE is trading at $0.347, representing a 5.19% decline in the last 24 hours.
Tomiwabold OlajideAnalysts suggest that this development on the Binance exchange might indicate that Dogecoin investors are taking advantage of the price decline - that is, buying at a low price in anticipation of a potential rally.
This anticipation aligns with the recent price performance of DOGE in the broader crypto space. The meme coin recently surpassed all large-cap cryptos, soaring by over 11% to become the fastest-growing asset in the top 25 digital assets.
This achievement has given some investors confidence that the meme coin could recover in terms of its price action.
Last week, DOGE rose significantly in a move that coincided with bullish momentum on the crypto market. Notably, the spike occurred after Bitcoin reclaimed the $100,000 price level.
Are DOGE whales pushing for bull rally ahead?
Historically, Dogecoin has experienced a bullish performance in January. However, this month has not lived up to investors’ expectations. The meme coin has only risen by 10% to a five-week high.
Nonetheless, market segment remains optimistic that DOGE could make a surprising move before the month ends.
Gamza KhanzadaevMeanwhile, a few days ago, Dogecoin whale transactions skyrocketed in a move that gained community attention. Over 580 transactions by these whales were over $1 million in value.
Market watchers maintain that the whale action could have influenced the current trading volume on Binance. This is as many investors look to whale movement to position themselves on the market.
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.
Tomiwabold Olajide
Denys Serhiichuk
Dan Burgin
Vladislav Sopov