DogeCoin Outshines in Crypto Market: Witnesses Over 5% Surge Amid Renewed Interest
Summary:
Witnessing a surge in price, Dogecoin (DOGE) outperforms the wider cryptocurrency market showing over 5% rise in the last 24 hours to reach $0.1409. The upswing corresponds with Bitcoin's recovery, indicating a renewal of interest in DOGE. Network growth and trading activity around Dogecoin have seen significant increase, supporting this trend. The surge in spot trading volume reaching $1.15 billion over the last 12 hours reveals heightened investor interest and activity around Dogecoin.
Today witnessed a notable rise in Dogecoin (DOGE) price amidst a robust recovery ongoing in the wider cryptocurrency market. In the last day, DOGE has surged over 5% to touch a daily high of $0.1409 on May 3, outperforming the whole encryption market, which managed a rise of around 3.63% during the same span. This increment in DOGE's price corresponds with a surge in Bitcoin (BTC), which has shot up around 8.34% in the last two days. Examining the recent surge of DOGE, the reasons behind this rise become apparent.
DOGE's open interest (OI) funding rate, according to data from Coinglass, turned negative on May 1 and again on May 2. However, the metric rebounded to the positive realm, settling at 0.0067% on May 3, suggesting a rise in the preference for long positions. Generally, these shifts in market mood become visible following significant price movements, as demonstrated by the 8.3% spike in DOGE's price between May 2 and May 3.
The recent dip in DOGE’s OI under 0% documented the lowest point since October 2023. With Dogecoin’s price having gone up 126% since October, it's plausible that DOGE might pave the way for memecoins to experience prolonged recovery if a similar trend ensues. The recovery of the memecoin on May 1 coincided with DOGE short liquidations amounting to $2.65 million, versus $537,550 long liquidations.
The recovery of DOGE price is being trailed by network growth, which signifies a bullish outlook for Dogecoin. Network growth rests on the count of users involving with the blockchain and can be assessed by tracking the active and new addresses. IntoTheBlock, the on-chain data analytics firm, indicates an increase of 21.65% and 74.47% in active and new DOGE addresses over the past week.
On May 3, Santiment, a market intelligence firm, posted a chart stating the net changes in non-empty wallets among top market caps in cryptocurrency. The firm found a rise of 6.6 million non-empty DOGE wallets, demonstrating a 27% growth over the last six months. Such an increase in network growth reflects escalating interest in DOGE among investors, authenticating the ongoing recovery.
Trading activities related to the dog-themed memecoin have seen a considerable uptick in recent times. Data from market tracker Coinglass reveals a boost of 25% in spot trading volume over the past 12 hours, reaching $1.15 billion. Binance accounted for 16% of this volume, OKX took 6%, and Bybit took 3.6%, as per the detailed breakdown of trading activity. This surge in trading volume signals renewed interest and activity around Dogecoin, indicating that traders are closely watching its price fluctuations.
This article is not intended to serve as investment advice or proposals. Each investing and trading action entails risks, hence readers should undertake the necessary research prior to making a decision.
Published At
5/3/2024 11:22:33 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.