Dogecoin Gains Momentum in the Cryptocurrency Market
Dogecoin (DOGE) has recently captured the attention of the cryptocurrency market with an impressive rise of over 5.2% in its price. This growth brings Dogecoin close to a critical resistance level of $0.115. If DOGE manages to break through this resistance, experts predict that its price could escalate to $0.15. This performance solidifies Dogecoin’s position as one of the top performers among major digital assets.
Surge in Dogecoin Trading Volume
In addition to its price increase, Dogecoin’s trading volume has experienced a significant surge, with a 50% rise in just 24 hours in the DOGE perpetual futures market. According to Coinglass, the derivatives trading volume for Dogecoin has exceeded $1 billion, placing it as the ninth largest asset in the derivatives market category. This surge indicates a heightened interest and engagement in Dogecoin trading activities.
Dogecoin's Spot Market Performance
Turning our attention to the spot market, Dogecoin's turnover has witnessed a substantial increase of 24.26%, reaching $584.4 million, as reported by CoinMarketCap. This ranks Dogecoin in the seventh spot for spot market turnover, excluding stablecoins like USDT and USDC. Such growth in spot market turnover underscores the increasing activity and interest in Dogecoin among traders.
Total Dogecoin Trading Volume
When combining both the spot and futures markets, Dogecoin's total trading volume has now surpassed $1.58 billion. With a market capitalization standing at $32.35 billion, this trading volume represents 10% of its market cap. This level of activity suggests a growing interest and engagement in the meme coin market, with Dogecoin at its forefront.
As the cryptocurrency market closely monitors these developments, Dogecoin's recent surge in trading volume and price action reflects a rising wave of participation and interest in this digital asset.
