Dogecoin Trading Volume Nears $2B Despite Market Volatility

Dogecoin (DOGE) has shown resilience amid a volatile crypto market, recording an impressive $1.95 billion in trading volume over the last 24 hours, despite a 25% drop compared to the previous day. At the time of writing, DOGE is down 5.41% in the past 24 hours, trading at $0.146, with a 7-day loss of 14.6% and a monthly decline of 16%. However, the popular meme coin has maintained a trading range between $0.129 and $0.18 over the past week, signaling ongoing market interest.

The broader crypto market has faced bearish pressure, with several digital assets declining in both price and volume. Dogecoin is no exception, but its nearly $2 billion in trading activity suggests traders are watching closely, possibly anticipating a bounce. Market participants appear poised to defend the $0.14 support level, as a breakdown could push DOGE back toward $0.12. On the upside, resistance remains at $0.18. A breakout above this level could shift momentum, potentially targeting the 50-day simple moving average (SMA) at $0.186 and the 200-day SMA at $0.256.

In a major development, 21Shares, a leading issuer of crypto exchange-traded products (ETPs), announced the launch of the first fully backed Dogecoin ETP on Switzerland’s SIX Swiss Exchange under the ticker “DOGE.” This new product is the only Dogecoin ETP officially endorsed by the Dogecoin Foundation and was developed in collaboration with the House of Doge, its corporate arm.

With 50.8% of Dogecoin's supply still in profit, bullish sentiment may not be far off. Although DOGE is currently in a pullback phase, strong community support and increasing institutional interest hint that the meme coin is far from out of the game.