Dogecoin (DOGE) Trading Volume Surges Past $2B After Three Days of Declines

Dog-themed cryptocurrency Dogecoin (DOGE) has exceeded $2 billion in trading volume in the last 24 hours.

Dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) has seen over $2 billion in trading volume in the past 24 hours.

What Happened: Dogecoin's 24-hour trading volume reached $2.2 billion, a 32% increase in this time frame, according to CoinMarketCap.

The increased volume comes as traders reacted to markets recovering after falling earlier in the day.

The markets reacted to the latest jobs data, which showed that new non-farm payrolls in January came in at 143,000, below expectations of 169,000 and the lowest since October last year. The unemployment rate in January was 4%, as expected, and had previously been 4.1%.

Cryptocurrency markets largely rebounded after the jobs report, with the market showing some gains.

Federal Reserve officials are closely watching the numbers as they consider their next monetary policy actions.

The Fed dropped its benchmark rate by a full percentage point in late 2024, but policymakers have recently called for a more cautious approach as they consider the implications of the policy.

Dogecoin Price Action: Dogecoin selling continued after the DOGE price fell below $0.30 on Feb. 2. On Feb. 3, the price dropped to $0.20, with buyers stepping in before the dip continued.

After three consecutive days of declines, hitting lows of $0.242 in Thursday's session, Dogecoin rebounded slightly, reaching an intraday high of $0.261 on Friday.

Dogecoin's relief rally may be limited by selling at the $0.30 level. If the price drops from current levels, bears could attempt to drive the Dogecoin price below $0.20.

On the other hand, a break and closing above $0.30 would indicate that the bears have given up and suggest that a bottom may be in place. In this case, Dogecoin could look to break above the daily SMA 50 at $0.33 before continuing the move to $0.434.