Dogecoin (DOGE), the cryptocurrency born from internet memes, has seen a notable rise in trading activity within the past 24 hours as reported by CoinGlass. This surge is driven by optimism among DOGE backers and investors, who are hoping for a price rebound. According to data from CoinGlass, DOGE’s trading volume has grown by approximately 12 billion dollars, reaching a total of 3.44 billion.
An analysis of the trading volumes reveals that Binance is the frontrunner with a massive $1.47 billion, while OKX comes in second place with $909.56 million, and Bybit ranks third with $520.33 million. This significant surge in trading activity suggests that investors are keeping a close eye on Dogecoin’s price fluctuations.
Price shows signs of recovery
Even with an uptick in trading activity, Dogecoin’s value persists in a downtrend. At present, it is priced at $0.1485. The digital currency has registered a 4.63% drop over the past day. Yet, there are indicators of a possible rebound, as the price has gone up by 1.98% within an hour. Nevertheless, it’s unclear if Dogecoin can maintain this brief upward trend and kickstart a more robust comeback.
In simpler terms, the larger cryptocurrency market, with Bitcoin taking the lead, is having a hard time bouncing back after dipping into a bearish phase. However, Dogecoin’s dedicated fanbase might be instrumental in helping it rebound. The increased trading activity among Dogecoin supporters suggests that they remain enthusiastic and committed, which could help maintain its price level and even push it upwards.
Though it’s too early to tell if the meme coin will escape its present downward price trend, a rise in trading activity and indications of price improvement give DOGE supporters and investors reason to be optimistic. As the cryptocurrency market as a whole deals with volatility, attention focuses on Dogecoin to ascertain whether it can maintain its progression and potentially initiate a larger market recovery.
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2024-04-18 16:26