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Dogecoin (DOGE) has reignited the meme coin craze in the crypto community. The leading meme coin on the market has defied all the odds as it initiated a huge price rally. Dogecoin has followed the Bitcoin (BTC) price rally thanks to the increasing price correlation between them. This is important because many other altcoins have failed to follow the Bitcoin trajectory.
Moreover, it is expected that more gains are coming for the DOGE price, as this rally appears to be a more sustained movement. Certain indicators are also flashing bullish signals, reflecting the strong bullish sentiment on the market. One of these metrics is the trading volume of the meme coin.
The 24-hour trading volume of Dogecoin, per CoinGlass data, has surged 30.23% to hit the massive $3.94 billion level. It should be noted that the daily volume of DOGE has stayed around the $1 billion level in the past few weeks and months. This is nearly a $3 billion jump, which means that investors have rushed toward the meme coin.
Bullish signals emerge
In addition to the rising trading activity, Open Interest (OI) has also skyrocketed 19.53% during this time. It is currently standing around the $926.10 million level. This increasing OI is another bullish signal, revealing that there is a sharp increase in the number of open positions for the meme coin. This bullish activity also points toward the impending Dogecoin rally.
As of writing this story, Dogecoin is trading at $0.1335, after a huge jump of 9.61% in the last 24 hours. The market capitalization of the meme coin has also surged 9.66% during this time, currently at the $19.55 billion level. This makes DOGE the eighth largest cryptocurrency on the market, as of today. Overall, positive sentiment is prevailing on the market, as more gains are expected from Dogecoin.
Gamza Khanzadaev
Denys Serhiichuk
Vladislav Sopov
Dan Burgin