The trading volume of Dogecoin (DOGE), a popular memecoin in the crypto ecosystem has increased by over 37% within 24 hours. This move follows a recent market rebound that saw Bitcoin, the leading cryptocurrency rising to $61,400.
Interpreting DOGE’s Rising Volume
As of this writing, DOGE is trading at $0.126, demonstrating a price increase of 3.4% in the past 24 hours. The market cap also increased by a similar percentage to $18.26 billion. The 37% increase in Dogecoin’s trading volume indicates a bullish signal for the memecoin. This simply means more investors are interested in accumulating the memecoin.
Typically, trading volume increases when there is an increasing number of people selling and buying a particular crypto. For DOGE, a 37% increase in trading volume could drive more interest in the memecoin, thus, driving higher prices. Additionally, Dogecoin’s trading volume could also translate to higher stability and liquidity.
Despite Dogecoin’s increasing volume, volatility is still very high at 11.04%. Similarly, the Fear & Greed Index is still Neutral at 47, suggesting a cautious sentiment from the market.
Dogecoin Eclipses Cardano’s ADA
With Dogecoin’s recent movement, it has overtaken Cardano (ADA) in the crypto hierarchy to become the 9th largest cryptocurrency by market capitalization. While the market cap of Dogecoin stands at $18.25 billion, ADA follows behind with $13.7 billion.
Dogecoin’s price increases demonstrate its resilience as a pioneer in the memecoin ecosystem.
Per earlier reports from Crypto-Vanguard, the memecoin reached a key milestone, recording 6.6 million wallets with a growth rate of 27%. The growth of Dogecoin can be attributed to endorsements from celebrities like Elon Musk. Additionally, DOGE has grown a strong presence in popular social media platforms like X. These communities actively engage in discussions, share memes, and promote the memecoin, influencing its value among potential investors.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of Crypto-Vanguard’s content as such. Crypto-Vanguard does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.