Dogecoin Sees 25% Surge in Trading Volume Despite Price Drop

The cryptocurrency market is currently experiencing a significant downturn, with Bitcoin (BTC) leading other assets into a decline. Dogecoin (DOGE) has also been impacted, as reported by CoinMarketCap. Despite this bearish trend, key indicators for Dogecoin remain strong, suggesting potential resilience.

DOGE Price Declines, But Volume Spikes

At the time of writing, Dogecoin’s price has dipped, adding a new zero and trading at $0.09925, reflecting a 6.25% decrease over the past 24 hours. While the price may be under pressure, investors are adopting a more optimistic stance towards DOGE. Trading volume for the cryptocurrency has surged by more than 25% in the same period, with a total of $668,022,374 worth of Dogecoin changing hands. For a speculative asset like DOGE, this increase in trading volume highlights continued interest, even as the price struggles.

After hovering around the crucial support level of $0.10, Dogecoin ultimately broke below it, reaching a low of $0.0097. The decline in its price is part of a broader trend affecting meme coins, with Shiba Inu (SHIB) and PEPE experiencing even more severe losses. SHIB’s price fell by 7.2% to $0.00001378, while PEPE dropped by 9.23% to $0.000007694.

Investors Eye Rebound Potential

Despite the recent price dip, Dogecoin’s long-term prospects may still be favorable. Investors are focusing on the coin’s strengths, particularly its popularity among market whales. These large holders continue to invest heavily in it, anticipating a significant price rebound in the future.

Data from IntoTheBlock reveals that over 70% of Dogecoin addresses remain profitable, which may boost investor confidence and support a potential recovery. As Dogecoin hovers near multi-week lows, the broader market’s movements, particularly those of Bitcoin, could play a crucial role in determining DOGE’s next steps.

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The strong correlation between Bitcoin and Dogecoin suggests that any resurgence in BTC’s price could trigger a corresponding rebound for it.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.