For some months, the meme coin community has been waiting for Dogecoin (DOGE) to rise. The coin is still distant from its former highs, even though it has already secured gains. But during the past few days, DOGE has been accelerating. An imminent mega surge is suggested by other measures that are now displaying positive indications.
The trading volume of DOGE has increased by 33.75% in the last day, according to statistics from CoinGlass. The increasing trading activity is anticipated to support the Dogecoin price, which is now at the enormous $3.57 billion level. Analysing market movements requires knowing the current investor sentiment, which this measure provides.
The market volume of Dogecoin has increased significantly, indicating that investors are enthusiastically joining the DOGE bandwagon. Because of the present positive mindset, rising trade activity is rapidly approaching purchasing activity. The lack of significant selling activity for the meme currency that has been observed so far today further supports this.
Dogecoin price rally possibility
As a result, investors will support the DOGE price, which will enable it to successfully target the next high levels. Furthermore, IntoTheBlock data shows that Dogecoin’s price correlation with Bitcoin (BTC) is at a high of 0.91 right now. In the upcoming weeks, Bitcoin is predicted to reach a new all-time high (ATH), and it is already looking positive.
Dogecoin may experience significant increases soon as well if it keeps up with Bitcoin’s trend. In the meantime, the price of DOGE has increased by 1.79% during the last day to $0.1434. Dogecoin is anticipated to experience more possible increases given the increased trading activity observed today and the strong price correlation with Bitcoin.
