Dogecoin (DOGE) Prints +100% Surge in Volume: Are Meme Coins Becoming More Active?

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Trading activity for Dogecoin has increased dramatically; in recent sessions, total volume has increased by more than 100%. The increase in liquidity raises concerns about whether traders are starting to pay more attention to meme coins, at a time when the larger cryptocurrency market is trying to stabilize following months of pressure. Even with the increase in volume, Dogecoin's price movement is still quite controlled. The asset is currently trading at about $0.092, exhibiting very little movement in relation to the volume of trading activity. The price has slightly declined over the past day, which is indicative of the continuous conflict between buyers trying to start a recovery and sellers keeping control of the overall trend. Dogecoin is still technically stuck in a downtrend that started at the end of last year. The price is trading below a number of important moving averages, and the chart structure displays a steady series of lower highs and lower lows. As dynamic resistance, these indicators keep sloping downward, preventing the formation of significant upward momentum. The increase in trading volume is still significant, though. Increased trading activity frequently indicates that traders are starting to get ahead of possible volatility. Despite a weak chart structure, Dogecoin's long-short ratios on the derivatives market are still very bullish, indicating that many traders anticipate a rebound. Price movements can become erratic when t...