The meme-inspired cryptocurrency Dogecoin (DOGE) has seen a notable increase in trade volume throughout the past day, according to CoinGlass statistics. The DOGE community and investors are expecting a possible price rebound, which is why there has been a spike in trading activity recently. According to CoinGlass, DOGE has seen a spike in trade volume of 11.96%, amounting to $3.44 billion in total.
A thorough analysis of the trading volume shows that, among other exchanges, Binance leads with $1.47 billion, followed by OKX with $909.56 million and Bybit with $520.33 million. The notable surge in trading volume suggests that traders are keeping a close eye on Dogecoin’s price fluctuations and points to fresh interest and activity surrounding the cryptocurrency.
Price shows signs of recovery
Dogecoin’s price is still in a negative situation despite the increase in trading volume. With a current market price of $0.1485, DOGE has decreased 4.63% in the past day. Nonetheless, given that the price has risen by 1.98% in the previous hour alone, there are indications of a possible rebound. It is yet unclear if Dogecoin will be able to maintain this little increase and start a larger comeback.
The larger cryptocurrency market, which is dominated by Bitcoin, is likewise having trouble recovering from a recent decline into negative territory. In spite of this, Dogecoin’s robust and active community may be essential to its future growth. The increase in trading volume suggests that the DOGE community is still vibrant and engaged, which may help to maintain the stability and future growth of the cryptocurrency’s price.
Even though it’s still too early to tell if the meme currency will reverse its current downward trajectory, investors and fans of DOGE have some hope thanks to the increasing trading volume and price recovery indications. With the cryptocurrency market as a whole still navigating uncharted territory, all eyes will be on Dogecoin to see whether it can maintain its momentum and open the door for a more significant rebound.
