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Highlights
- Dogecoin price surges 1% despite broader market downturn.
- A total of 6.96 billion DOGE has been traded in the last 24 hours, down 45%.
- Low trading volume raises concerns about Dogecoin's price sustainability.
The leading meme coin Dogecoin has surged nearly 1% today, defying the broader market downturn momentum, with 6.96 billion coins traded over the last 24 hours. However, although the number seems big, it appears that the ongoing DOGE price surge is less likely to be sustained ahead. Despite that, some of the recent market trends hint that the meme coin may gain more exposure in the market due to soaring institutional interest.
Dogecoin price has mitigated some of its recent losses and traded at $0.157. Notably, it comes as the digital assets space stayed in the red, with the global crypto market losing 0.25% to $2.58 trillion. Ethereum was one of the top laggards among the top 10 coins, losing nearly 3% over the last 24 hours.
However, despite the recent gains, DOGE price has lost more than 6% in the weekly chart, while touching a 24-hour high and low of $0.158 and $0.1494. Besides, a total of 6.96 billion tokens were traded in the last 24 hours, totaling $1.09 billion.
Despite that, the one-day trading volume was down more than 45%, suggesting a volatile period ahead. Besides, CoinGlass data showed that DOGE Futures Open Interest fell 1% to $1.43 billion, reflecting the still gloomy sentiment hovering in the market.
For context, if high prices are not being supported by soaring trading volumes, it signals a concerning trend for the asset. This disparity can be a warning sign that the uptrend is weakening or a reversal is imminent.
Having said that, Dogecoin’s current low volume indicates a lack of broad market support, leaving the price vulnerable to a decline. With fewer traders actively buying, the top meme coin may be due for a correction.
Recent Trends Suggests Otherwise: Dogecoin (DOGE) Price To Rally?
One of the most recent positive developments on the meme coin is the 21Shares filing for DOGE ETF with the US SEC. The asset manager has revealed this significant step towards launching the investment instrument by filing the S-1 form with the US SEC on April 9.
Meanwhile, this move makes 21Shares the third company, after Grayscale and Bitwise, to seek approval for a DOGE ETF. The next step involves filing the 19b-4 form, which will officially start the approval process.
If approved, the ETF would provide investors with a new way to gain exposure to Dogecoin, potentially increasing its mainstream acceptance and market accessibility. Besides, 21Shares has also planned to launch DOGE ETP in Europe through a partnership with the House of Doge.
However, despite these bullish developments, investors should exercise due diligence before entering the market in this volatile scenario. For context, a recent Dogecoin price prediction indicates that the crypto might hover near the $0.1499 mark through April.
Having said that, it appears that the crypto might hover near the flatline in the coming days unless any major catalyst boosts the market sentiment further.
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