$1.15 Billion Dogecoin (DOGE) in 24 Hours, What Happened?

Dogecoin Primed for Potential Rebound as Bullish Signs Emerge

The Dogecoin (DOGE) price may soon experience an upward surge as bullish indicators have become evident. After a period of consolidation, positive sentiment is anticipated to dominate the market in the near future.

Increased Trading Volume

DOGE has witnessed a significant 52.36% spike in its trading volume, reaching $1.15 billion in the last 24 hours. This surge reflects renewed bullishness among investors and their growing interest in the meme coin.

Furthermore, despite the coin's recent lackluster performance, the increased trading activity suggests that traders are actively buying the dips. The last time DOGE's trading volume exceeded $1.5 billion, it triggered a substantial price increase, propelling the coin to a cycle high of $0.20.

Bullish Options Interest

Another bullish indicator is the 82.66% increase in DOGE's Options Open Interest (OI) over the past 24 hours. The OI currently stands at $169.49K, indicating a rise in open positions as investors become more optimistic about DOGE. This is a key metric, as a surge in OI often precedes upward price movement.

Recent Market Performance

Currently, Dogecoin is trading at $0.1064, after declining 1.09% in the past day. While this may appear bearish, it is important to note that DOGE has surged 24.72% over the last seven days. The coin has rebounded from recent losses and has managed to remove a zero from its price.

This weekly surge further supports the growing positive sentiment in the Dogecoin market. Traders anticipate further gains, as the meme coin has a history of triggering substantial price rallies after brief corrections or consolidation periods.