Published on mei 3, 2024, 8:32 pm
Image source: Fox News
```json [ "TLDR: Dogecoin's price surged over 5% in 24 hours to $0.1409 amidst a broader cryptocurrency market recovery. Positive indicators include increased open interest funding rate, growing network activity with active and new addresses rising, and a spike in trading volume by up to 25% in twelve hours on exchanges like Binance, OKX, and Bybit." ] ```
Dogecoin’s (DOGE) price has surged today as the broader cryptocurrency market sees a notable recovery. The price of DOGE has increased by over 5% in the last 24 hours, reaching an intraday high of $0.1409 on May 3. This rise outpaced the overall crypto market, which experienced a 3.63% increase during the same period. The surge in DOGE’s price follows a rebound in Bitcoin (BTC), which saw an impressive 8.34% climb in the past two days.
Recent data indicates positive movements for Dogecoin. Coinglass data reveals that DOGE’s open interest funding rate turned negative on May 1 and May 2 but has now returned to a positive level, currently standing at 0.0067% on May 3. This shift suggests a growing interest in long positions following significant price fluctuations.
Moreover, an increase in network activity is signaling bullish momentum for Dogecoin. An uptick in network growth is considered a positive indicator for the cryptocurrency, reflecting user engagement with the blockchain through active and new addresses. IntoTheBlock reports that over the past week, active DOGE addresses have grown by 21.65%, with new addresses showing an impressive 74.47% increase.
Santiment highlighted that non-empty DOGE wallets surged by 6.6 million, representing a remarkable 27% growth over the last six months according to X Market Intelligence Firm’s post on May 3. This surge underscores investors’ rising interest in DOGE and validates its ongoing recovery.
Furthermore, trading volume surrounding Dogecoin has notably spiked within the last twelve hours, indicating renewed interest from investors. Coinglass data shows a substantial increase of up to 25% in spot trading volume, totaling $1.15 billion. Exchanges like Binance, OKX, and Bybit have recorded significant trading activity during this resurgence.
It is essential to note that this article does not serve as investment advice or recommendations; all investment decisions carry inherent risks requiring thorough personal research before proceeding with any transactions involving cryptocurrencies or investments related to them.
Original article posted by Fox News
