Despite the global crypto market falling, Dogecoin (DOGE) trade volume has increased by over 35.67% since early trading hours. Dogecoin’s price rose 10.5% from $0.1562 to $0.1727 because to this volume surge.
After the spot Ethereum ETF launched, crypto market mood became optimistic. After the initial enthusiasm, major crypto have declined to their typical levels. In this context, Dogecoin is bullish. Will bulls maintain DOGE hype?
The death of Kabosu, the Shiba Inu that inspired the Dogecoin joke, caused short price surges. Dogecoin, the biggest meme currency by market cap, was created in December 2013 from a popular meme from the early 2010s. It spawned several other dog-themed cryptocurrencies.
DOGE interest dropped during the 2021 bear market, which exacerbated when Elon Musk called Dogecoin a “hustle” on SNL. Many meme currencies inspired by Dogecoin have gained popularity, detracting from the original.
Since then, DOGE has seen brief bullish jumps spurred by Musk’s attendance. Since the start of the year, trade volume has increased, indicating a Dogecoin revival.
After falling from annual highs around $0.22, Dogecoin is trading between $0.16 and $0.19. Dogecoin might test resistance at $0.20 and rally to $0.22 and $0.25 if its upward momentum continues. Above $0.28 might indicate a strong bullish trend, assuring a positive 2024 close.
