$3.5 Billion in Dogecoin Transactions in 24 Hours: Is a DOGE Mega Rally Coming?

• Dogecoin’s trading volume surged by over 33%, reaching $3.57 billion, indicating growing investor interest and a potential rally.
• DOGE’s strong correlation with Bitcoin (0.91) suggests that as Bitcoin rises, Dogecoin may also experience substantial gains.

As long anticipated by its community, Dogecoin (DOGE) is showing signs of renewed momentum. Previously, CNF had forecasted Dogecoin’s price, suggesting that the viral DOGE competitor, priced at $0.0171, could be on track to hit $14 by Q1 2025.

At the moment, while DOGE has secured some gains in recent months, it remains far below its all-time highs. However, recent metrics suggest a bullish trend may be on the horizon. According to data from CoinGlass, DOGE’s trading volume spiked by over 33.75% in the last 24 hours, reaching approximately $3.57 billion.

This sharp rise in trading activity is a key indicator of growing investor interest. With such an increase in volume, it’s evident that investors are expecting a significant rally.

The increased trading volume reflects positive market sentiment toward DOGE. There is a notable shift toward buying activity, with little to no major selling pressure detected so far, which further strengthens the bullish outlook for the meme coin. This trend indicates that DOGE is poised to potentially target higher price levels in the coming days as more investors accumulate the token.

Correlation with Bitcoin Signals Further Gains

Another factor contributing to Dogecoin’s bullish outlook is its high correlation with Bitcoin (BTC). Currently, the price correlation between DOGE and BTC stands at 0.91, according to IntoTheBlock data. Bitcoin itself is on a bullish trajectory and is expected to reach a new all-time high in the coming weeks. If DOGE continues to follow Bitcoin’s lead, it could experience substantial gains as well.

In another CNF report, analysts discussed a potential dip in Bitcoin (BTC) before its halving, while Dogecoin (DOGE) slowly gains momentum. At the time of writing, Dogecoin (DOGE) is trading at $0.1404, with a decrease of 2.74% in the past day and a surge of 23.24% in the past week.

With rising trading volume and a strong correlation with Bitcoin, Dogecoin appears well-positioned for further price increases, supported by investor confidence and market enthusiasm. The next few weeks could see DOGE making significant upward moves if this momentum persists.