Dogecoin (DOGE) is showing an intriguing growth trend but with some conflicting metrics. Data from CoinMarketCap pegs the 24-hour growth rate of Dogecoin at 3.42%, with the price pegged at $0.1342. This growth marks a major deviation from the bearish trends over the past week, where the coin has dropped by more than 2% in a highly volatile week for the markets.
DOGE 1D Chart. Source: CoinMarketCapDogecoin traders ambitiously cautious
Dogecoin is looking to retest some of its lost valuation. Over the past month, the coin traded as high as $0.1431, and the current momentum is in a bid to catch up with this milestone and potentially surpass it.
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The efforts appear to be paying off now, considering the price of Bitcoin (BTC) is in rebound mode and might retest $70,000 soon. Dogecoin is maintaining a bullish correlation with Bitcoin, helping to drive the price upward. However, the twist lies in the trading volume, which is not moving in a commensurate manner.
As of writing time, data from CoinMarketCap pegs the DOGE volume at $829,328,876, down by more than 32%. With this bearish twist, core traders of the digital currency might still be cautious about trading it, considering volatility could switch sides easily.
Signs uptrend might pick momentum
Despite the low trading volume, individual bets on Dogecoin are growing per earlier reports from U.Today. Recently, more than $1.1 billion in DOGE were shifted in 24 hours, underscoring the wide embrace of the coin by large buyers.
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Beyond whale sentiment, Dogecoin developers are trying to bring enhanced utility to the protocol. From the confirmation of the expansion of Doginals to the expectation of more mainstream integrations for DOGE, the meme coin ecosystem is growing at a very fast pace.
Overall, Dogecoin has what it takes to retest not just its monthly high but the $0.2 target in the near future.
