Dogecoin (DOGE) is on the rise as, with a staggering spike of over 5.2% today, it is getting close to a critical resistance level, which is currently at $0.115. If this resistance is broken, it could send the price as high as $0.15.
Right now, Dogecoin is making a name for itself as one of the top performers among major cryptocurrencies, with a notable increase in trading volume to match.
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Dogecoin's trading volume has seen a big jump — about a 50% increase in just 24 hours on the DOGE perpetual futures market. Coinglass says that the derivatives trading volume for Dogecoin has reached over $1 billion, making it the ninth largest asset in this particular derivatives market.
Source: TradingView
On a different note, it is worth mentioning the spot market stats for Dogecoin. CoinMarketCap says that DOGE's turnover has shot up by a whopping 24.26%, reaching an impressive $584.4 million. That puts Dogecoin in seventh place for spot market turnover, not including stablecoins like USDT and USDC.
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When you look at the total trading volume of Dogecoin across both spot and futures markets, it is now over $1.58 billion, which is pretty impressive. With a market cap of $32.35 billion, this means that trading volume is 10% of market cap, which shows that trading is getting more active and that more people are interested in the meme coin market.
As the crypto market keeps an eye on things, the recent developments in Dogecoin's trading volume and price action show that more and more people are getting involved in market activity.
