u.today
Dogecoin ($DOGE) demonstrated bullishness in a key metric, despite plummeting prices on the daily charts. According to CoinMarketCap data, Dogecoin's trading volume spiked 62% over the past 24 hours.
$DOGE volume now over $2 billion
As of press time, the $DOGE trading volume has surged to more than $2 billion, marking a 62% spike over the previous day.
This increased trading volume demonstrates increased market activity for $DOGE. This means investors are still interested in accumulating the top meme coin.
Increased volume often indicates growing interest, potentially leading to sustained price upside. With key support around $0.20, analysts see 60% potential gains, possibly targeting $0.32.
This prediction aligns with expectations of a positive October close this year. Aligning with the broader "Uptober trend," $DOGE has traded in the green for four consecutive years, beginning in October 2021.
According to Cryptorank data, $DOGE registered gains of 37%, 105.8%, 9.84% and 41.4% in October 2021, 2022, 2023 and 2024, respectively.
Although $DOGE is down 13.2% so far this month, investors are still bullish that the coin will trade in green before October 2025 ends.
Besides, technical analysis revealed a bullish breakout is imminent for $DOGE. Notably, the price has formed a symmetrical triangle pattern on the 12-hour chart.
This consolidation phase usually follows a major upward move, indicating a potential continuation of the bullish trend.
Factors contributing to volume surge
Meanwhile, the $DOGE price has not yet reflected the rally in trading volumes. In the past 24 hours, the $DOGE price has declined by 0.24%, setting the price at $0.2022.
Thus, the volume surge appears tied to a broader cryptocurrency market rally. Bitcoin, the top market coin, is climbing toward $115,000, and the Ethereum price is moving close to $4,200.
Another key development possibly contributing to the volume surge is the recent spike in Dogecoin whale activity.
As revealed by the U.Today report, a dormant Dogecoin whale with a 36 $DOGE seed recently executed a $26.8 million transfer to Binance.
Since that activation, the wallet has amassed a sizable position, directing most of the $DOGE tokens into Binance.
Before this transaction, another dormant $DOGE whale reemerged, moving 15.115 million $DOGE, valued at about $2.95 million, from Binance.