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Analysts highlight the unpredictability of the cryptocurrency market following a sharp decline in Dogecoin (DOGE) prices, signaling potential volatility. As of this writing, the price of DOGE was trading at $0.251, with a 1.52% decline over the past 24 hours.
Despite the recent downturn, investors remain optimistic about a rebound, as trading volume has surged by 54.26% to $1.48 billion. This increased interest may support DOGE in reaching new heights.
The sudden surge in Open Interest suggests that over $2.2 billion has been committed to a Dogecoin boom, which could potentially back positive price action. Experts expect the meme coin to recover soon, as seen previously when trading volume skyrocketed on February 7 and the market recovered within the crypto space.
DOGE’s creator, Billy Markus, recently revealed plans for the near future, sparking interest among investors.
Source: u.today
