Dogecoin Skyrockets 50% in Volume as DOGE Price Pump Stuns Cryptocurrency Market

Dogecoin Surges, Nears Critical Resistance

Dogecoin (DOGE) is experiencing a remarkable surge, with a substantial price increase of over 5.2% today. This surge brings DOGE close to a crucial resistance level at $0.115. A breakout above this resistance could potentially drive the price towards $0.15.

Dogecoin has emerged as one of the top performers among major cryptocurrencies, boasting a significant increase in trading volume. The DOGE perpetual futures market has witnessed a surge of approximately 50% in trading volume over the past 24 hours. According to Coinglass, Dogecoin's derivatives trading volume now exceeds $1 billion, placing it as the ninth largest asset in this market.

Source: TradingView

In the spot market, Dogecoin has also performed exceptionally well. CoinMarketCap reports a substantial 24.26% increase in DOGE's turnover, reaching an impressive $584.4 million. This places Dogecoin seventh in spot market turnover, excluding stablecoins like USDT and USDC.

The combined trading volume of Dogecoin across spot and futures markets has reached over $1.58 billion, a testament to the growing interest in the meme coin. With a market cap of $32.35 billion, this indicates that trading volume now accounts for 10% of the market cap, reflecting increased market activity and participation.

These recent developments in Dogecoin's trading volume and price action demonstrate the growing involvement of market participants, as the crypto market continues to monitor its progress.