Dogecoin

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Dogecoin (DOGE), the meme coin that started as a joke, is showing significant signs of life, as it experiences a massive surge in trading volume. According to&nbsp;<a href="https://www.coinglass.com/currencies/DOGE" rel="noopener noreferrer nofollow">data from CoinGlass</a>, Dogecoin’s trading volume has soared by an impressive 47.62% in the last 24 hours, reaching $1.32 billion. This sudden increase in activity is sparking optimism in the community.</p>
<p dir="ltr">Currently, DOGE is trading at $0.1607, which is a slight decrease of 1.04% over the past 24 hours. However, despite this minor dip, the coin has seen a healthy rise of 8.47% over the past 30 days. This indicates that the meme coin is beginning to&nbsp;<a href="https://u.today/iggy-azaleas-meme-coin-skyrockets-120-as-whale-buys-millions-of-tokens" rel="noopener noreferrer nofollow">gain momentum</a>, and market fundamentals suggest that this trend may continue.</p>
<h2 dir="ltr" id="technical-indicators-turn-bullish">Technical indicators turn bullish</h2>
<p dir="ltr">Several&nbsp;<a href="https://www.tradingview.com/symbols/DOGEUSD/technicals/?exchange=BINANCE" rel="noopener noreferrer nofollow">technical indicators</a> are supporting the bullish outlook for Dogecoin. The Relative Strength Index (RSI) for DOGE stands at 50.94, placing it firmly in the buy zone. This level suggests that traders are optimistic about Dogecoin’s prospects, and there is room for upward movement before the asset enters overbought territory.</p>
<p dir="ltr">Additionally, the leading&nbsp;<a href="https://u.today/bonk-bonk-skyrockets-60-in-volume-whats-happening" rel="noopener noreferrer nofollow">meme coin</a> is currently trading above its 200-day Simple Moving Average (SMA) and 200-day Exponential Moving Average (EMA). These long-term moving averages are crucial indicators of the market trend, and trading above them is typically seen as a strong bullish signal. This alignment further reinforces the positive sentiment surrounding the meme-inspired coin.</p>
<h2 dir="ltr" id="dogecoin-holders-in-profit">Dogecoin holders in profit</h2>
<p dir="ltr">Beyond technical indicators, data from&nbsp;<a href="https://app.intotheblock.com/coin/DOGE" rel="noopener noreferrer nofollow">IntoTheBlock reveals</a> that a substantial 84% of Dogecoin holders are in profit at the current price levels. This high percentage of profitable positions indicates sustained bullish momentum and suggests that investors are holding onto their DOGE with the expectation of future gains.</p>
<p dir="ltr">The rise in trading volume and the positive market indicators are not occurring in isolation. The broader crypto market has been experiencing a resurgence, with many altcoins showing significant price increases. Dogecoin, with its strong community and increasing acceptance, appears to be benefiting from this positive market sentiment.</p>

Dogecoin (DOGE) Skyrockets 47% in Volume - What's Happening?

Table of Contents

U_Today

Other articles published on Jun 7, 2024

Why This Solana (SOL) Cat Meme Coin Could Overtake All Dog-Themed Tokens

Illuvium is launching on 25th of July with new features

8 Trillion Shiba Inu (SHIB) in 24 Hours: What's Happening?

Market Trends Point to Resilient Growth in Select Digital Assets

Ethereum’s circulating supply hits 120M: What’s the impact on ETH?

Analysts Predict Potential Gains for AVAX, DOGE, and Ethereum

Join our free newsletter for daily crypto updates!