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Dogecoin (DOGE) is on the rise, up a whopping 5.2% today, and is approaching a critical resistance level, which currently sits at $0.115. If this resistance is broken, the price could reach $0.15.
Currently, Dogecoin is making a name for itself as one of the best performing cryptocurrencies, with a notable increase in trading volume.
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Dogecoin’s trading volume has seen a surge, with an increase of around 50% in just 24 hours on the DOGE perpetual futures market. Coinglass claims that derivatives trading volume for Dogecoin has reached over $1 billion, making it the ninth-largest asset on that particular derivatives market.
On a different note, it’s worth mentioning the spot market statistics for Dogecoin. CoinMarketCap reports that DOGE’s turnover surged by 24.26%, reaching an impressive $584.4 million. This puts Dogecoin in seventh place for spot market turnover, not counting stablecoins like USDT and USDC.
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When you look at the total trading volume of Dogecoin on both spot and futures markets, it now exceeds $1.58 billion, which is quite impressive. With a market cap of $32.35 billion, this means that the trading volume represents 10% of the market cap, showing that exchanges are becoming more active and more people are becoming interested in the meme coin market.
As the cryptocurrency market keeps a close eye on things, recent developments in Dogecoin’s trading volume and price action show that more and more people are getting involved in the market activity.
