Dogecoin Outbreak: Can 38% Transaction Volume Growth Reshape the Market?

In the past 24 hours, the trading volume of Dogecoin (DOGE) suddenly surged by about 38%, now reaching $659.84 billion. Given the recent overall pessimistic trend in the cryptocurrency market, DOGE’s surge appears particularly timely.

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

Although this rise is not a spectacular comeback for DOGE, it is still a significant jump and may be able to change the market situation. Of particular importance is the fact that Dogecoin traders are gradually returning to the market, which is a good sign as increased trading activity is one of the key elements for DOGE to maintain its upward momentum.

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In addition, in DOGE’s favor, traders have begun to adopt strategic layouts. According to data from CoinGlass, the token’s open interest (OI) is up 7.25% and currently stands at $643.3 million, a growth that indicates a positive shift in market sentiment. It is worth noting that many well-known cryptocurrency trading platforms have experienced an increase in OI. Of the total funding of $643.3 million, $174.75 million came from Bybit, $167.62 million from Binance, $75.83 million from OKX, and others. This means DOGE has seen increased activity on almost all top exchanges.

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