Dogecoin (DOGE) Trading Volume Skyrockets to $2 Billion as Price Roars Back

Dog-themed cryptocurrency Dogecoin (DOGE) has exceeded $2 billion in trading volume in the last 24 hours. According to CoinMarketCap data, Dogecoin's 24-hour trading volume reached $2.2 billion, a 32% rise in this time frame.

Following three days of declines spanning from Tuesday to Thursday, Dogecoin saw a sudden uptick. At the time of writing, Dogecoin had slightly rebounded and was in the green daily, up 1.84% in the last 24 hours to $0.26.

The increased volume comes as traders poured in when markets recovered after falling earlier in the day.

This follows the most recent jobs data, which showed that the number of new non-farm payrolls in January was 143,000, lower than predicted at 169,000, and the lowest since October last year. In January, the unemployment rate was 4%, as forecast, and it had previously been 4.1%.

Markets responded to the report, with the cryptocurrency market somewhat rebounding. Federal Reserve officials are intently monitoring the figures as they consider their next monetary policy measures. The Fed dropped its benchmark rate by a full percentage point in late 2024, but policymakers have recently advocated for a more cautious approach as they consider policy implications.

Dogecoin price

Dogecoin selling continued after the DOGE price fell below $0.30 on Feb. 2. On Feb. 3, the price fell to $0.20, prompting buyers to enter the market before the dip continued.

After three straight days of falls hitting lows of $0.242 in Thursday's session, Dogecoin slightly rebounded, reaching an intraday of $0.261 Friday.

However, Dogecoin's relief rally might be capped by selling at the $0.30 level. If the price falls from its present levels, bears may attempt to drive the Dogecoin price below $0.20.

On the other hand, a break and closing above $0.30 would indicate that the bears had given up. That will indicate that a bottom may be in place. In this instance, Dogecoin may seek to break over the daily SMA 50 at $0.33 before extending the move to $0.434.