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The skyrocketing trading volume is a crucial indicator for Dogecoin’s future. It is showing us that traders have not given up on the leading meme coin. Although the DOGE price is currently presenting a bearish picture, Everything to Know About Shiba Inu This Week Their rising interest in Dogecoin can inject bullish momentum into its price over the long term. Meme coins rely greatly on community support, so it is likely that this latest push from the traders can help DOGE to start a price rebound from the current levels.As of press time, DOGE is trading at $0.1175. Notably, the price is down 6.18% in the last 24 hours and down 25.48% in the past month. This shows the struggles of the data shows that Dogecoin is trading below its major moving averages.
This indicates that the coin is in an oversold market situation, and we may see a price jump in the short term. Taking the rise in trading volume into consideration, it appears that Dogecoin may get some momentum from here.With over three years of immersive experience in the crypto industry, Mushumir is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance.