Dogecoin is showing promising signs of recovery with its price climbing 3.56% within 24 hours to approximately $0.18. This upward movement coincides with a dramatic near-doubling of trading volume to approximately $1.74 billion, reflecting intensified market participation.
The cryptocurrency’s rebound correlates significantly with Bitcoin’s market performance, evidenced by a robust correlation coefficient of 0.67. On-chain analysis further confirms heightened network activity, with major exchanges recording an extraordinary spike exceeding 11,500% in Dogecoin transactions.
Market stability strengthens due to reduced sell-off pressure, while maintaining support above the critical $0.16 threshold remains essential for sustaining the bullish trajectory—a pattern historically noted throughout 2023.