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Dogecoin (DOGE), one of the leading meme coins, has soared past $2 billion in trading volume in the last 24 hours. Data from CoinMarketCap shows Dogecoin’s trading volume soared by 86.79% to hit $2.03 billion.
Dogecoin trading volume spikes despite price dip
This massive spike in investors’ interest in the meme coin occurred despite a plunge in price from $0.2564 to a low of $0.2349. DOGE has been on a downward slide in the last 36 hours before catching a break to continue on a sideways move.
Godfrey BenjaminThis performance has not discouraged investors from trading the token actively. A development that market watchers believe could set Dogecoin on a rebound path if it sustains the current momentum.
Interestingly, despite suffering a decline of 29.72% in the last 30 days, DOGE has found a critical support level. Within this period of massive loss, DOGE has managed to stay above the $0.22 mark.
Analysts say this support is crucial to Dogecoin staging a comeback. To attempt a climb back up, DOGE has to gain sufficient momentum to overcome several resistance levels.
Notably, DOGE has suffered repeated rejections at the $0.27 mark and $0.30 for the last 30 days.
Analysts are optimistic that the meme coin could stage a massive rebound if DOGE clears those hurdles.
Regulatory developments fuel market sentiment
As reported by U.Today, there has been a surge in open interest for DOGE, signaling bullish sentiment. Dogecoin’s open interest spiked to 9.38 billion DOGE as investors decided to increase their total open positions in the meme coin.
Analysts say an upsurge in open interest and increased trading volume could result in positive development. This is particularly true when momentum does not reverse the trend.
Meanwhile, the Dogecoin community has enough positive news from the Securities and Exchange Commission (SEC) to fuel bullish sentiments. The SEC acknowledged Grayscale's exchange-traded fund (ETF) filing, pushing the product closer to approval. If approved, it might usher in institutional investors, a future development that might impact the price positively.
Dan Burgin
Vladislav Sopov