LIVEDogecoin has seen a remarkable surge, climbing 17% in the past 24 hours to break through the $0.21 mark, with a notable increase in trading volume, according to on-chain data.
While many leading cryptocurrencies have maintained stable returns over the same period, Dogecoin has charted its own course, enjoying a robust rally.
During this recent upswing, Dogecoin has outpaced most other cryptocurrencies, except Bitcoin Cash (BCH), which has also experienced significant gains.
Over the past week, Dogecoin has outperformed BCH, boasting returns of over 40%, compared to BCH's 33%.
The surge in Dogecoin's value could be attributed to Coinbase's plan to introduce futures products for Dogecoin and BCH starting April 1st. Litecoin (LTC) is also slated for a listing on the same day, although its performance has been comparatively subdued.
Currently, Dogecoin ranks as the eighth-largest cryptocurrency by market capitalization, with a narrow gap separating it from seventh-ranked USD Coin (USDC).
If Dogecoin can sustain its momentum, it might surpass USDC in market capitalization.
A significant indicator supporting the bullish sentiment around Dogecoin is its transaction volume, which has seen a notable uptick recently.
High transaction volumes suggest increased trading activity and heightened interest in the asset, often indicative of a potential rally.
However, it's essential to note that transaction volume reflects both buying and selling activity, meaning a surge could also signal a mass sell-off. While high volumes are typically associated with sustainable rallies, they alone cannot guarantee continued price appreciation, as market dynamics are multifaceted and complex.
➡️this content is not for financial advice DYOR.
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