Dogecoin (DOGE) Trading Volume Spikes 186% Despite Continued Price Declines

Dogecoin (DOGE), the flagship meme digital asset, is about to get some relief after a period of price fall that has worsened due to the broader crypto

Dogecoin (DOGE), the leading meme cryptocurrency, might be seeing some solace amid a period of price declines that worsened with the broader crypto market bloodbath.

However, according to data from CoinGlass, DOGE trading volume surged by 186% on Jun. 24, bringing it to $1.37 billion. Meanwhile, the entire memecoin market saw a slip of 7.5% in its market capitalization over the past 24 hours, as reported by CoinMarketCap.

Surge in Dogecoin Trading Volume

Despite its continuous price declines, the meme-themed cryptocurrency Dogecoin is seeing increased interest from traders, evident in the recent surge in trading volume. DOGE’s price saw a notable decrease of 28.9% over the previous month and 4.7% over the past 24 hours.

Moreover, its market cap also decreased by nearly 4.1% and trades at $0.119, according to current Coinmarketcap data. Furthermore, technical indicators, which show that DOGE is trading below its important moving averages, amplify the bearish sentiment around the coin even more. While these metrics highlight DOGE’s recent struggles, its Relative Strength Index (RSI) is positive at 28.15, indicating an oversold condition that could signal a price reversal.

DOGE’s Future Outlook

A key factor that could potentially influence the long-term trajectory of DOGE’s price is the observed surge in trading volume. Typically, memecoins like DOGE, SHIB, and PEPE have largely depended on the activities and community-driven efforts around them.

Hence, the recent surge in DOGE’s trading volume suggests renewed interest and involvement from the community and whale traders, which could pave the way for a major uptrend move for DOGE over the long run. Despite its recent price drops, there is still strong support and enthusiasm within the community for a DOGE price recovery.

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News source：https://www.kdj.com/cryptocurrencies-news/articles/dogecoin-doge-trading-volume-spikes-continued-price-declines.html

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