Dogecoin (DOGE) is experiencing a remarkable surge, with its price climbing 5.2% today and approaching a key resistance level at $0.115. If this level is surpassed, analysts believe the price could soar as high as $0.15, marking a significant boost for the popular meme coin.
Currently, Dogecoin stands out as one of the top-performing cryptocurrencies among major players in the market. Its recent upward momentum has also been matched by a significant increase in trading volume.
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Perpetual Futures Market Sees Significant Growth
Dogecoin’s trading volume surged 50% in the last 24 hours, mainly in the DOGE perpetual futures market. Coinglass reports that Dogecoin’s derivatives trading volume surpassed $1 billion, ranking it as the ninth-largest asset in the derivatives market. This sharp increase reflects heightened investor interest and activity in Dogecoin’s futures contracts.
Source: CoinMarketCap
Meanwhile, Dogecoin’s spot market activity is also experiencing notable growth. CoinMarketCap reports a substantial 24.26% jump in DOGE’s spot market turnover, reaching an impressive $584.4 million. This increase places Dogecoin in seventh position for spot market turnover, excluding stablecoins like USDT and USDC.
Total Trading Volume Exceeds $1.58 Billion
Across both spot and futures markets, Dogecoin’s total trading volume has now surpassed $1.58 billion. With a market cap of $32.35 billion, this means that the trading volume is approximately 10% of its market cap.
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The significant trading activity signals growing interest in Dogecoin, especially within the meme coin sector. As more traders and investors become involved, the recent surge in Dogecoin’s price and trading volume reflects heightened interest in this unique cryptocurrency.
Market participants continue to watch its developments closely, especially as the coin approaches critical resistance levels that could drive its price higher.
