The dog-themed cryptocurrency Dogecoin reached a trading volume of $2.2 billion over the past 24 hours, showing a 32% increase. After several days of decline, Dogecoin has experienced a slight recovery.
Sharp Increase in Dogecoin Trading Volume
Dogecoin's trading volume shot up to $2.2 billion, a 32% increase, according to CoinMarketCap data. This rise followed three days of declines, but now Dogecoin is up 1.84% at $0.26. The trading uptick occurred as markets bounced back.
Factors Affecting the Market
Recent jobs data revealed 143,000 new non-farm payrolls in January, lower than the anticipated 169,000. This tempered market expectations for monetary policy and potentially contributed to the short-term boost in the crypto market, including Dogecoin.
Analysis of Dogecoin's Price Movements
Dogecoin continued its decline after the price fell below $0.30, hitting $0.20 and sparking buyer interest. The current rebound is capped at $0.30, but breaking this resistance could signal a potential rally toward $0.33 and beyond.
The resurgence in Dogecoin's trading volume showcases renewed market participant interest and suggests potential for continued positive trends given macroeconomic factors.
