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- Dogecoin (DOGE) is experiencing intense trading activity which has historically come before volatile price movement.
- Sentiments among DOGE investors seem to be neutral but most continue to anticipate a bullish breakout that could be triggered by a myriad of reasons.
Market data reveals that Dogecoin (DOGE) has experienced a remarkable uptick in trading activity at the start of the new week. This data shows that the memecoin pioneer has seen trader activity surge across various trading platforms heralding an imminent price change.
CoinGlass data shows the trading volume of Dogecoin skyrocketed 146.81% in 24 hours during the weekend. Reaching as high as $2.47 billion, this points to demand for the digital asset among investors. A breakdown of this data reveals that $913.17 million of the volume was witnessed on Binance, $532.01 million on OKX, $504.18 million on Bybit, and $140.04 million on BingX, among others.
This is a clear indication of great interest among investors across the board. This uptick has coincided with a 3% surge in the past 24 hours. At the time of writing, DOGE is exchanging for $0.1344, with a recent surge helping the coin offset part of its weekly losses which stand at nearly 2%. The recent volume and price surge points to the consolidation phase entering its final stages with a rally seeming imminent.
It remains unclear what has driven the intense trading activity with no major announcement coming from the Dogecoin community. However, it is part of a larger trend based on the changing political landscape. During the weekend, U.S. Presidential candidate Donald J Trump made a historic speech at the Bitcoin Conference 2024 where he vowed support for the industry.
Robert F. Kennedy Jr., who is also vying for the presidential seat also attended the conference and vowed to support the crypto industry. Kennedy went as far as revealing his Bitcoin purchase master plan that could help the U.S. government offset part of its growing debt crisis.
Additionally, Kamal Harris who has clinched the democratic ticket after President Biden stepped down is reportedly working on a reset with the crypto industry as she looks for support within the community.
These developments point to friendlier crypto regulations after the November elections. This will ultimately lead to more adoption and demand for the leading cryptocurrencies.
It is important to note that Trump is leading in the polls, with the former president garnering support from the world’s richest person Elon Musk, who is coincidentally a fan of crypto and a die-hard supporter of Dogecoin (DOGE).
There’s long been speculation that Musk will look to integrate DOGE into his “everything app” which is being built on top of the X platform (formerly Twitter).
Looking at the on-chain metrics, the altcoin remains undecided on its short-term price path. While the overall sentiment for Dogecoin is neutral, as indicated by its RSI of 54.92, a recent surge in trading volume suggests growing investor interest. This could signal a potential upward price movement soon.
Investors will be optimistic of a revisit of the 2021 all-time high of $0.7316 before the end of the year.
