$1.32 Billion Dogecoin (DOGE) Mystery Stuns Crypto Community

Cover image via U.Today

Dogecoin (DOGE), the top meme coin by market cap, is experiencing significant bullish developments. Despite its price remaining stable, new bullish signals suggest a potential rally and higher highs.

Rising Trading Volume
CoinGlass data reveals a 25.06% surge in Dogecoin's trading volume over the last 24 hours, reaching $1.32 billion. This upswing reflects the influx of investors and growing interest in DOGE.

Binance leads the trading activity with $515 million in volume, followed by OKX ($362 million), Bybit ($235 million), and BingX ($47 million). Note that this data excludes Robinhood, where DOGE trading is also significant.

Open Interest on the Rise
Another indicator of investor interest is the rise in Open Interest (OI). CoinGlass reports a 3.49% increase in Dogecoin's OI over the past 24 hours, reaching $597.38 million. This surge suggests a substantial increase in open positions and bullish sentiment.

Price Consolidation
Despite these bullish signals, DOGE's price remains in consolidation. As of writing, it stands at $0.1127, marking a 0.12% decline from the previous day. Resistance has been encountered at around $0.12.

Potential Price Breakout
Analysts believe that the bullish sentiment surrounding DOGE may lead to a price breakout and a move towards new highs. If it breaks above $0.12, the coin could target higher levels.