Market data shows that Dogecoin (DOGE) saw a 92.7% increase in trading volume over the past 24 hours, making it one of the few cryptocurrencies among the top 20 to experience such a surge. In contrast, trading activity in Bitcoin and other mainstream assets such as ETH, SOL, XRP, and BNB generally declined during the same period, making DOGE a rare exception among large-cap cryptocurrencies.
Major cryptocurrencies generally saw a decrease in trading volume.
Data shows that DOGE's daily trading volume rose to approximately $1.55 billion. During the same period, the trading volume of ETH, SOL, XRP, and BNB decreased by approximately 35% to 45%, while Bitcoin's trading volume declined by more than 55% compared to the previous day.
In terms of price action, DOGE had been trading sideways around $0.07 for several weeks. In the latest trading day, buying pushed its price up by nearly 6%, bringing it back near the 50-day moving average. This fluctuation wasn't significant, but it ended the relatively sluggish trading pattern that had persisted since July.
Increased open interest indicates bulls are in control.
Derivatives data also showed synchronized changes. Over the past 24 hours, DOGE open interest increased by more than 4%, while the changes in the last hour were relatively limited, indicating that new positions are entering the market, rather than just adjustments between existing positions.
In terms of long/short account ratios, both Binance and OKX have more long accounts than short accounts, indicating a temporary bullish market positioning structure. Meanwhile, futures fund flows on the 4-hour, 8-hour, and 12-hour timeframes are all net inflows, reflecting improved sentiment among derivatives traders.
Spot market funding remains unstable
However, the flow of funds in the spot market remains volatile, indicating that the more active participants are mainly from leveraged trading rather than a comprehensive recovery in spot buying. In other words, this increase in activity is more reflected in the derivatives market.
From a technical perspective, DOGE still faces resistance. The article mentions that its 100-day and 200-day moving averages remain downward, and the overall structure has not yet fully reversed. Nevertheless, given the generally declining trading volume of major cryptocurrencies, DOGE's simultaneous increase in volume and price rebound is still seen as a signal of renewed short-term market attention.
