Dogecoin (DOGE) Skyrockets 38% in Volume - Here's Why

Dogecoin (DOGE) has skyrocketed 38.13% in trading volume in the last 24 hours. Its trading volume now stands at $659.84 billion, thanks to this latest surge. The crypto market has been quite bearish in the last few days. Hence, this Dogecoin surge seems to come at the right time.

The DOGE price has retracted 23.90% over the past month. However, the rising trading activity that the meme coin has been seeing today looks to change market sentiment. In fact, the Dogecoin price has already surged 3.34% in the last 24 hours. The price $0.1271 at press time.

While this is not one of those great comebacks you expect for DOGE, it still appears to be a notable jump that has the potential to turn the tide. But the most important thing is that Dogecoin traders are coming back to the market. It is a good sign as rising trading activity is one of those things that the meme coin needs to sustain an upward rally.

Dogecoin sees surge in open interest

Another positive thing happening for DOGE is that traders have started to take their strategic positions. Per CoinGlass data, the coin has witnessed a 7.25% jump in its Open Interest (OI). Currently at $643.30 million, this rising OI is a major indicator of changing sentiment.

Notably, this rising OI is seen on some of the most notable crypto trading platforms. Out of the total of $643.30 million, $174.75 million comes from Bybit, $167.62 million from Binance and $75.83 million from OKX, among others. This means the DOGE is seeing rising activity on almost all of the top exchanges.

Dogecoin leads the meme coin market, which includes notable coins like Shiba Inu (SHIB) and Pepe (PEPE). This sector was also hit hard by the recent crypto market slump. However, DOGE is now getting major bullish signals, and its potential upward movement means that the other coins may follow suit.