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Cryptocurrency News Articles
Dogecoin (DOGE) Market Cap Climbs as Trading Volume and Price Surge
Oct 19, 2024 at 05:00 pm
Popular crypto YouTuber CryptoJack has highlighted the optimistic bias revealed in on-chain indicators, and hence Dogecoin (DOGE) has lately displayed
Popular crypto YouTuber CryptoJack has observed an optimistic bias in on-chain indicators, and hence Dogecoin (CRYPTO: DOGE) has shown strong signs of a rally lately.
According to data from the images shared by CryptoJack, the open interest for DOGE futures, shown in green bar charts, currently stands at over $800 million. This metric has surged in recent months, notably peaking in early June and mid-October.
The Price Of #Dogecoin Is Poised For A Rally: On-Chain Metrics Show Bullish Bias! pic.twitter.com/pQMINIziCQ
— CryptoJack (@cryptojack) October 18, 2024
Dogecoin Market Cap Climbs As Trading Volume And Price Surge
Meanwhile, the DOGE price has risen by 7.30% in the past 24 hours at the time of writing, bringing its value to over $0.145. The 24-hour trading volume has also surged by 23%, coming to $2.23 billion.
This surge in price and trading activity has also led to an increase in DOGE’s market capitalization, which now stands at over $21 billion. Given the growing interest from investors, this market cap is likely to continue rising.
In other news, as previously covered by CNF, the 133,880 active Dogecoin addresses, which is an eight-month high, further adds to this bullish sentiment. This surge in active addresses indicates more engagement throughout the Dogecoin network.
Whales Were Seen Accumulating Billions Of DOGE Tokens In Past Week
Moreover, whales were seen accumulating 2.07 billion DOGE in the past week, which is the highest since January 2024. This accumulation suggests that large-scale investors are once again interested in the Dogecoin network.
As we previously reported, there are also predictions that DOGE could follow past market cycles, and if the expected action takes place by the end of October, the token might rise to $2.7 by December. While these predictions are speculative, the combination of rising open interest, more investor activity, and positive on-chain metrics certainly sets the stage for potential rallies.
See more from Benzinga
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