Dogecoin (DOGE) trading volume surges 38%, the beginning of a surge? Can it break through $1?

In the past 24 hours, Dogecoin (DOGE) trading volume has surged by approximately 38% and currently stands at $659.84 billion. This growth comes amid the recent overall pessimism in the cryptocurrency market, making DOGE’s surge particularly timely.

Over the past month, the price of DOGE has decreased by 23.90%. However, the meme token saw a significant increase in trading activity today, seemingly changing market sentiment. The price of DOGE has increased by 3.34% in the past 24 hours, and at press time, the price was $0.1234.

While this rally isn't quite a great comeback for DOGE, it's still a notable jump that has the potential to turn the market around. Most importantly, Dogecoin traders are returning to the market, which is a good sign as increased trading activity is one of the key factors for DOGE to maintain its upward momentum.

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Another thing that's working in DOGE's favor is that traders are starting to take strategic positions. The coin’s open interest (OI) is up 7.25% and currently stands at $643.3 million, according to CoinGlass data.

Another piece of good news for DOGE is that traders have begun to take strategic positions.

The token’s open interest (OI) is up 7.25% and currently stands at $643.3 million, according to CoinGlass data. The rise reflects changes in market sentiment.

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