Dogecoin DOGE/USD Rebounded Monday Overnight Following Bitcoin's BTC/USD Fresh Move Past $88,000

The largest meme coin by market capitalization crossed $0.16, erasing losses after slipping below the level earlier this afternoon.

Dogecoin (CRYPTO: DOGE) prices rose on Monday evening following Bitcoin's (BTC) fresh move past the $88,000 level.

What Happened: The largest meme coin by market capitalization crossed the $0.16 mark, recovering from earlier losses that saw it slip below the level.

DOGE traded in a narrow range of $0.1629 to $0.1561 during the day, showing a marginal 0.20% rise in the last 24 hours. The coin's trading volume also saw a 23% increase compared to the previous day.

The late-night spike followed Bitcoin's move past $88,000, after pulling back to the $86,000 level in the early trading hours.

According to IntoTheBlock, whale activity spiked, with a 41% rise in transactions exceeding $100,000 in the last 24 hours. Additionally, the balance held by long-term DOGE holders saw a decrease of 0.88% in the 24-hour period.

According to Coinglass, DOGE's Open Interest went up by 1.58%, indicating a surge in speculative activity. Over 68% of Binance traders with open DOGE positions were betting on the coin to continue rallying, as indicated by the Long/Short Ratio.

Meanwhile, the probability of a Dogecoin exchange-traded fund getting approved in the U.S. reached 52% on the cryptocurrency-based prediction platform, Polymarket.

See More: Best Cryptocurrency Scanners

Price Action: At the time of writing, DOGE was trading at $0.1603, showing a rise of 0.20% in the last 24 hours, according to Benzinga Pro.