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Dogecoin (DOGE) Sees 47% Surge in Trading Volume – What’s Behind the Rally?
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Dogecoin (DOGE), initially created as a joke cryptocurrency, is showing renewed vigor with a substantial surge in trading activity. Over the last 24 hours, DOGE’s trading volume has surged by 47.62%, reaching $1.32 billion, according to CoinGlass data.
This sudden increase in trading volume is generating optimism within the community. Currently, DOGE is priced at $0.1607, marking a slight 1.04% decrease in the past day. However, over the last 30 days, the coin has seen a healthy 8.47% increase, indicating a growing momentum. Market indicators suggest that this upward trend may persist in the near future.
Dogecoin (DOGE) is currently supported by several technical indicators indicating a bullish outlook.
In addition to the RSI, Dogecoin is trading above both its 200-day Simple Moving Average (SMA) and 200-day Exponential Moving Average (EMA). These long-term moving averages are significant indicators of the market trend, and trading above them is typically viewed as a strong bullish signal. This alignment reinforces the positive sentiment surrounding Dogecoin, indicating favorable conditions for potential price appreciation in the near term.
Data from IntoTheBlock reveals that a substantial 84% of Dogecoin holders are currently in profit, indicating strong bullish sentiment among investors. This high percentage suggests that many are holding onto their DOGE with expectations of future gains.
