$1.15 Billion Dogecoin (DOGE) in 24 Hours, What Happened?

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As an analyst with over two decades of experience in the cryptocurrency market, I have seen my fair share of market fluctuations, including the rise and fall of various coins. However, the recent developments in Dogecoin (DOGE) have piqued my interest.

There’s a good chance that the price of Dogecoin (DOGE) could bounce back soon, as optimistic indicators are appearing today. The recent period of consolidation has caused some difficulties for traders, but it seems likely that favorable feelings will dominate in the near future. This well-known meme coin is looking poised for a possible upward trend.

Dogecoin volume skyrockets

Initially, there’s been a significant jump of approximately 52.36% in DOGE‘s trading volume. This spike brings the 24-hour volume up to $1.15 billion. This increase suggests a return of bullish feelings among traders, as they appear to be showing renewed interest in the meme cryptocurrency.

Furthermore, increased trading suggests that traders might be taking advantage of price drops to acquire more of the coin, since its poor performance doesn’t seem to deter activity. Previously, when Dogecoin’s trading volume surpassed $1.5 billion, it led to a significant price surge as the coin reached its peak of $0.20 in the cycle.

Another metric turns bullish

Moreover, the Open Interest (OI) for DOGE has significantly increased by 82.66% within the past day, reaching approximately $169,490. This significant jump in OI suggests a growing number of open positions for DOGE as investors have become more optimistic about the meme coin. The Open Interest is an essential metric because a rise in OI often leads to an uptrend in the price of DOGE.

Currently, Dogecoin is being exchanged at $0.1064, having decreased by 1.09% in the previous 24 hours. However, despite this drop looking negative, Dogecoin has surged an impressive 24.72% over the last week. In its recent trend, DOGE has been able to recover some losses and even eliminate a zero from its price value.

Each week, this increase serves as a sign that optimistic feelings are once again prevalent in the Dogecoin trading scene. As such, investors foresee further profits since Dogecoin often sparks significant price surges following temporary adjustments or periods of stabilization.

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2024-08-12 16:12