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The meme coin community has been anticipating a Dogecoin (DOGE) rally for many months. While the coin has already secured gains, it is still far away from the previous highs. However, DOGE has been gaining momentum in the last few days. More metrics are now giving bullish signals, hinting toward an impending mega rally.
According to data from CoinGlass, the trading volume of DOGE has skyrocketed 33.75% over the past day. Currently, at the massive $3.57 billion level, the rising trading activity is expected to give a boost to the Dogecoin price. This metric tells us about the current investor sentiment on the market, which is crucial in order to analyze market moves.
Since there is a sharp rise in Dogecoin’s market volume, it means that investors are jumping on the DOGE bandwagon with massive enthusiasm. The current bullish sentiment means that the increasing trading activity is leaping toward the buying activity. This is also supported by the fact that there is no major selling activity for the meme coin detected so far today.
Dogecoin price rally possibility
Consequently, the DOGE price will see support from investors, and it will help in successfully targeting the next high levels. Moreover, Dogecoin’s price correlation with Bitcoin (BTC) is currently at a high of 0.91, according to IntoTheBlock data. Bitcoin is already looking bullish and is expected to hit a new all-time high (ATH) in the coming weeks.
If Dogecoin continues to follow the trajectory of BTC, it may also see substantial gains in the near future. Meanwhile, the DOGE price is currently trading at $0.1434 after an increase of 1.79% in the last 24 hours. With the rising trading activity seen today and the high price correlation with Bitcoin, Dogecoin is expected to witness more potential gains.