Dogecoin, a dog-themed cryptocurrency, has displayed volatility following a recent increase in Bitcoin. Currently, Dogecoin is facing selling pressure.
Overview of Dogecoin Price Changes
Since May 20, Dogecoin rose for three consecutive days, hitting $0.2544 on Friday; however, it retraced to $0.227. The 24-hour trading volume for Dogecoin was $3.36 billion, reflecting a 1.84% decline from the previous day.
Overall State of the Cryptocurrency Market
The recent surge in Bitcoin, which reached $111,000, has also impacted Dogecoin. However, despite this growth, the market shows muted expectations, with Bitcoin funding rates sitting just below neutral at 0.0079%.
Dogecoin's Exception Among Other Cryptocurrencies
In contrast to the top ten cryptocurrencies, interest in Dogecoin remains slightly above neutral. This suggests a small speculative interest from traders betting on short-term price movements.
Dogecoin continues to show volatility while maintaining trader interest, despite a general sense of caution in the cryptocurrency market.
