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Dogecoin (DOGE) Skyrockets 150% in Volume Amid Bullish Momentum

source-logo  u.today 21 May 2024 15:00, UTC

Dogecoin (DOGE) has seen a huge surge in trading volume, propelled by a bullish trend on the broader cryptocurrency market. The trading volume for DOGE spiked by an impressive 151.93%, reaching $2.06 billion, reflecting renewed investor interest and activity surrounding the meme-inspired cryptocurrency.

Simultaneously, Dogecoin's market capitalization has increased by 9.05% to $23.73 billion, solidifying its position as the eighth largest coin by market cap and the largest meme coin on the market. The rise in market cap indicates a significant inflow of capital into DOGE, driven by market optimism and positive sentiment.

Interestingly, data from CoinGlass indicates that Open Interest in Dogecoin has also surged by 18.63%, currently standing at $970.77 million. Open Interest represents the total number of outstanding derivatives contracts, providing insights into market participants' sentiment and potential future price movements.

Dogecoin price goes bullish

As of the latest trading data, DOGE is priced at $0.1649, marking an increase of 8.45% over the last 24 hours. In terms of technical indicators, the Relative Strength Index (RSI) for the meme coin stands at 56.83. RSI measures the magnitude of recent price changes to evaluate overbought or oversold conditions on a particular asset.

A value above 50 generally indicates bullish momentum, suggesting that DOGE is currently experiencing moderate buying interest. Meanwhile, the Moving Average Convergence Divergence (MACD) for DOGE is at 0.0009. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a coin’s price.

A positive MACD value suggests that the bullish momentum is strengthening, potentially signaling a further price increase. Overall, the recent surge in Dogecoin's trading volume, coupled with increases in market cap and open interest, shows growing investor confidence. The DOGE community is closely monitoring these developments, which reflect broader trends on the crypto market.