In a significant development within the dynamic world of cryptocurrency, the largest memecoin in the market, Dogecoin (DOGE), experienced a noteworthy surge in its trading volume over the past 24 hours, as per data released by CoinGlass.
According to the platform’s report, the trading volume of Dogecoin memecoin witnessed a 25.05% increase, reaching a total of $3.68 billion. This recent surge in DOGE trading activity comes as the cryptocurrency community and investors eagerly anticipate a potential recovery for Dogecoin.
The survey conducted by CoinGlass also revealed that Binance, a leading exchange, is responsible for $1.47 billion of the trading volume. Other prominent exchanges include OKX with $909.56 million and Bybit with $520.33 million. This substantial rise in the cryptocurrency’s trading volume indicates a renewed interest and activity surrounding Dogecoin, suggesting that traders are closely monitoring its price movements.
It is important to note that the cryptocurrency market recently experienced a sharp decline following geopolitical tensions in the Middle East over the past weekend. However, as of April 18, cryptocurrencies are attempting to recover, with some even managing to trade profitably within the last 24 hours.
At the time of writing, the price of Dogecoin stands at $0.1512, reflecting a 1.8% increase in the past 24 hours. During the same period, the meme cryptocurrency recorded a trading volume of $2,397,888,098. However, over the course of the week, DOGE has witnessed a 21.4% price pullback.
Currently, Dogecoin leads the memecoin sector and holds the ninth position in the global cryptocurrency rankings, boasting a market capitalization of $21,891,605,872.
It is worth mentioning that DOGE has recently struggled to maintain its position above crucial support levels, with its current value hovering near $0.15, raising concerns about its stability.
Disclaimer: The opinions expressed in this article are solely for informational purposes and do not constitute financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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