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Although data shows Dogecoin (DOGE) dropped by 2.59%, trading at $0.1063, the popular meme cryptocurrency has hidden bullish potential. Within the past 24 hours, DOGE has soared in market volume, climbing 22.78%. This has led to 6.2 billion Dogecoin exchanging hands on the market.
DOGE surges in trading volume - Growing investor confidence?
Notably, the surge in Dogecoin market volume signals increased interest and liquidity. These two factors stabilize the market and could prevent a sell-off from DOGE holders, especially whales.
Gamza KhanzadaevNotably, when trading volume rises, it shows that more buyers and sellers are participating in the trade in a near-balanced interaction. Therefore, even DOGE whales' actions will not negatively affect the coin's price. Whales can sell their position without causing a sharp price decline.
The prevailing market performance of DOGE shows that the meme coin may soon experience a price rebound. Significantly, the higher trading volume also reflects investors' growing confidence in the asset. This renewed confidence would help maintain stability and a price rebound soon.
With this increased volume, short-term traders might choose to bet on Dogecoin. If that happens, market activity will receive a further boost and prevent a sharp sell-off, which would have caused a sustained price decline.
DOGE on path to price rally
Dogecoin’s 6.2 billion record underscores many important forecasts for the coin. With increased uncertainty in the broader meme coin, the long-awaited DOGE reset may start from here.
Godfrey BenjaminThe trading volume boost may also prevent panic selling from asset holders. This stabilization and rising volume may set DOGE on a new path of upward price movement.
DOGE faced a crucial stress test recently but has shown resilience by rebounding from the $0.1050 level. With volume and whale actions gaining speed, the Dogecoin price may move in tandem with a forecast from top analyst Ali Martinez, who noted that a DOGE price rally is ahead.
Tomiwabold Olajide
Mushumir Butt
Dan Burgin
Vladislav Sopov
U.Today Editorial Team