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.

Although data shows Dogecoin (DOGE) dropped by 2.59%, trading at $0.1063, the popular meme cryptocurrency has hidden bullish potential. Within the past 24 hours, DOGE has soared in market volume, climbing 22.78%. This has led to 6.2 billion Dogecoin exchanging hands on the market.

DOGE surges in trading volume - Growing investor confidence?

Notably, the surge in Dogecoin market volume signals increased interest and liquidity. These two factors stabilize the market and could prevent a sell-off from DOGE holders, especially whales.

Notably, when trading volume rises, it shows that more buyers and sellers are participating in the trade in a near-balanced interaction. Therefore, even DOGE whales' actions will not negatively affect the coin's price. Whales can sell their position without causing a sharp price decline.

The prevailing market performance of DOGE shows that the meme coin may soon experience a price rebound. Significantly, the higher trading volume also reflects investors' growing confidence in the asset. This renewed confidence would help maintain stability and a price rebound soon.

With this increased volume, short-term traders might choose to bet on Dogecoin. If that happens, market activity will receive a further boost and prevent a sharp sell-off, which would have caused a sustained price decline.

DOGE on path to price rally

Dogecoin’s 6.2 billion record underscores many important forecasts for the coin. With increased uncertainty in the broader meme coin, the long-awaited DOGE reset may start from here. 

The trading volume boost may also prevent panic selling from asset holders. This stabilization and rising volume may set DOGE on a new path of upward price movement.

DOGE faced a crucial stress test recently but has shown resilience by rebounding from the $0.1050 level. With volume and whale actions gaining speed, the Dogecoin price may move in tandem with a forecast from top analyst Ali Martinez, who noted that a DOGE price rally is ahead.