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Dogecoin (DOGE), the leading meme coin in terms of market capitalization, has witnessed a significant bullish development. Memecoin price is still moving sideways, but new bullish signals are emerging. They are hinting at a potential upside for DOGE as it could aim for the next high level.
According to data According to CoinGlass, Dogecoin trading volume has increased by 25.06% in the past 24 hours. Reflecting the large influx of investors during this period, it is currently at a huge level of $1.32 billion. It also shows that investor interest and confidence in leading meme coins is increasing.
Increased trading activity has been seen across all major crypto trading platforms, providing a bullish signal for the coin. Binance leads the pack with a trading volume of $515 million. This was followed by OKX with $362 million, Bybit with $235 million, and BingX with $47 million. Please note that this data does not include trading activity from. robin hoodDOGE is traded in large quantities.
Is a price breakout coming?
Another indicator of increased investor interest is the rise in the open interest (OI) index. According to data from CoinGlass, Dogecoin OI has increased by 3.49% in the past 24 hours and currently stands at a whopping $597.38 million level. This shows that the number of open positions has increased significantly. popular meme coinshighlighting the bullish sentiment. Amidst these two important updates, DOGE price continues to be in a consolidation phase.
At the time of writing, the stock is trading at $0.1127, after falling 0.12% from the past day. Notably, the coin has fallen from its intraday high of $0.119. DOGE price is rebounding against resistance near $0.12. However, sentiment is changing and Dogecoin could break out of this channel and move to the next high.
