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According to CoinMarketCap, Dogecoin still managed to clock an impressive $1.95 billion in trading activity, although its trading volume has dropped by 25% in the last 24 hours.
The larger cryptocurrency market has been gripped by volatility, with several digital assets seeing price drops. Dogecoin has not been immune to the bearish pressure, seeing a 25% decline in trading volume compared to the previous day. However, reaching nearly $2 billion in volume demonstrates that trader interest remains strong, even as price activity slows.
At press time, DOGE was down 5.41% in the last 24 hours to $0.146 and 14.6% in seven days. Though Dogecoin has seen a monthly pullback of 16%, it held within a range of $0.129 to $0.18 over the past week.
Tomiwabold OlajideThe level of activity in the last 24 hours could indicate that many are waiting for the right moment to reenter or believe a potential bounce might be on the horizon. Dogecoin may be down in volume, but it is certainly still in the game.
Dogecoin ETP launches
21Shares, one of the world's major issuers of crypto exchange-traded products (ETPs), announced on Wednesday that it will list a fully backed Dogecoin ETP on Switzerland's SIX Swiss Exchange, with the ticker DOGE.
Alex DovbnyaThe product will be the first and only Dogecoin ETP endorsed by the Dogecoin Foundation, created in collaboration with the House of Doge, the foundation's official corporate arm.
Dogecoin plummeted to a low of $0.129 on April 7, although the decline was met with buying, with DOGE rebounding afterward. Amid market uncertainty, buyers are anticipated to defend the $0.14 level with all their might since failure to do so may result in Dogecoin retesting $0.12.
On the upside, $0.18 is the key resistance to keep an eye on. A break and closure above $0.18 indicate that bearish momentum is waning. Dogecoin may rise to the 50-day SMA of $0.186 and the 200-day SMA of $0.256.
Vladislav Sopov
Dan Burgin