In the last seven days, investors have shown a pessimistic attitude towards Dogecoin, with Elon Musk’s tweet about the cryptocurrency having minimal impact on its price. However, recent trading activity suggests that this negative sentiment could be shifting to optimism. Dogecoin seems to be regaining momentum after a week of downturn in prices.
Based on information from CoinGlass, the Dogecoin trading volume in the derivatives market has jumped by 23% over the past 24 hours to hit $3.96 billion. Meanwhile, data from Coinmarketcap reveals a 16% rise in the spot market, causing the price of DOGE to exceed $0.15 yet again.
Bullish Spike In Volume For DOGE
Dogecoin is facing tough competition from other meme coins such as Shiba Inu, Floki Inu, and Dogwifhat, which are rapidly gaining attention and followers. These coins pose a significant challenge to DOGE‘s leadership in the meme coin sector. Additionally, the bearish trend in the crypto market has caused Dogecoin to lose momentum and almost all of its price growth achieved in March.
Despite the bearish condition of the meme token, there’s been a surge in trading activity within the past 24 hours. According to Coinglass, the DOGE derivatives market, worth $3.96 billion, has seen the most action on Binance with an impressive $1.94 billion in volume. Following closely is OKX with a reported $1.13 billion in trading activity. Bybit and BingX trail behind with $538.84 million and $137.61 million respectively.
In synchrony, Coinmarketcap indicates a surge of 16% in the spot market to reach $2.35 billion during the last 24 hours. A significant portion of this growth is attributed to Binance, with an impressive DOGE/USDT trading volume of $444 million recorded over the same timeframe.
Will Renewed Interest Lead To Sustained Dogecoin Price Rally?
It’s no surprise that DOGE‘s trading volume surge has resulted in a rise in its price – currently at $0.1533, marking a 6.06% growth over the last 24 hours. Yet, the coming days will be pivotal in determining if this price hike is more than just a temporary rally.
If the trading activity for Dogecoin continues to rise, and it successfully surpasses the resistance points at $0.16 and $0.17, there’s a good chance it could regain its monthly high of $0.22. Meanwhile, Shiba Inu and Dogewifhat have experienced gains of 4.5% and 16%, respectively, during this period.
Based on Whale Alerts’ report, a personal whale wallet obtained approximately $15.2 million worth of 100 million Dogecoin tokens from Robinhood exchange within the last day.
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2024-04-20 00:11