[Dogecoin (DOGE) trading volume surges 47%, what happened? 】
Dogecoin (DOGE), the meme coin that started out as a joke, is now showing significant signs of life, with a huge surge in trading volume. According to data from CoinGlass, Dogecoin’s trading volume surged 47.62% in the past 24 hours to $1.32 billion. This sudden increase in activity has sparked optimism in the community.
DOGE is currently trading at $0.1607, down slightly by 1.04% in the past 24 hours. Despite this slight drop, the coin has gained 8.47% in the past 30 days. This suggests that meme coins are starting to gain momentum, and market fundamentals suggest this trend may continue.
Several technical indicators support Dogecoin’s bullish outlook. DOGE has a relative strength index (RSI) of 50.94, which puts it in buy territory. This level shows that traders are optimistic about Dogecoin’s prospects and that there is room to rise before entering overbought territory.
Additionally, the leading meme coin is currently trading above its 200-day simple moving average (SMA) and 200-day exponential moving average (EMA). These long-term moving averages are key indicators of market trends, and trades above these averages are often viewed as strong bullish signals. This alignment further reinforces the positive sentiment surrounding this meme coin.
In addition to technical indicators, data from IntoTheBlock shows that 84% of Dogecoin holders are in profit at current price levels. This high percentage of profitable positions indicates continued bullish momentum and suggests investors are holding onto DOGE in anticipation of future gains.
Increased trading volume and positive market indicators do not occur in isolation. The broader crypto market is experiencing a recovery, with many altcoins showing significant price growth. Dogecoin, with its strong community and growing acceptance, appears to be benefiting from this positive market sentiment.
