Dogecoin (DOGE) Sees Massive 146% Surge in Key Metric: Details

07/28/2024 18:43
Dogecoin (DOGE) Sees Massive 146% Surge in Key Metric: Details

Dogecoin witnessing intense trading activity as traders go bullish

Dogecoin (DOGE) Sees Massive 146% Surge in Key Metric: Details

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The Dogecoin (DOGE) community is anticipating an upward movement from the coin. DOGE holders have been trying to inject bullish momentum in the market amid the ongoing volatility. Consequently, the meme coin has witnessed a big jump in the most crucial metric.

As per CoinGlass data, the trading volume of Dogecoin has skyrocketed 146.81% in the last 24 hours. It is currently at the $2.47 billion level, showing significant investor interest. Moreover, it is highlighting that Dogecoin bulls are trying to control the narrative, aiming to push the coin to higher levels.

Data from CoinGlass further reveals that this rising trading activity is seen across major trading platforms. Out of the total, $913.17 million of trading volume is seen on Binance, $532.01 million on OKX, $504.18 million on Bybit, $140.04 million on BingX, among others.

This shows participation of traders in the Dogecoin market across all major exchanges. Moreover, this intense trading activity shows that traders are not giving up on the popular meme coin. They are still anticipating price increases from DOGE as seen from it before.

Dogecoin price outlook

While traders are still bullish on DOGE, its price seems to be struggling today. As per CoinMarketCap, the price of the coin is down 2.96% in the last 24 hours. Currently at $0.1314, the DOGE price has continued to remain in a consolidation phase. Notably, this sentiment is witnessed across the broader crypto market. Despite this, the RSI of DOGE is indicating an opposite outlook.

Standing at the 54.92 level, Dogecoin’s RSI is in a neutral zone. This means that the coin is neither in the bearish zone nor in the bullish zone. While the sentiment appears to be neutral, the latest surge in Dogecoin’s trading volume is a major bullish signal. The coin may enter a bullish phase in the near future.

About the author

article image

Mushumir Butt

With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical insight and communicative flair to the crypto space. Having penned countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and crypto newcomers alike.

Advertisement

TopCryptoNewsinYourMailbox

TopCryptoNewsinYourMailbox

Read more --->