Although the price of Dogecoin DOGEUSD has dropped by 2.59% and is currently trading at $0.1063, the popular meme cryptocurrency still has upside potential. In the past 24 hours, DOGE’s market trading volume has increased significantly by 22.78%, involving 6.2 billion Dogecoin transactions.
Significant increase in DOGE trading volume - investor confidence may be increasing?
Notably, the surge in Dogecoin market volume reflects increased interest and liquidity. These two factors contribute to the stability of the market and may inhibit the selling behavior of DOGE holders, especially large investors (whales). Rising trading volume means more buyers and sellers are participating in transactions in a relatively balanced state, so even a whale dumping its holdings is unlikely to have a drastic negative impact on the token price. The current market performance of DOGE indicates that this meme coin may soon see a price rebound. The increase in trading volume also reflects increased investor confidence in the asset. This newfound confidence helps maintain market stability and facilitates price rebounds.
As trading volume climbs, short-term traders may be tempted to bet on Dogecoin. If this happens, market activity will be further boosted and prevent continued price declines due to panic selling.
Dogecoin embarks on price rebound
Dogecoin’s $6.2 billion transaction volume record highlights several important predictions for the currency. A long-awaited Dogecoin reboot may be in the works amid growing uncertainty in the broader meme coin space. Increased trading volume may also prevent panic selling by asset holders. This increase in stability and trading volume could start a new round of price gains for Dogecoin.
Dogecoin endured a critical stress test recently but managed to rebound from $0.1050 levels, demonstrating its resilience. With trading volume and whale activity accelerating, Dogecoin’s price action may be in line with the predictions of top analyst Ali Martinez, who pointed to an impending upward trend in Dogecoin price.