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Dogecoins open interest has risen above 9.78 billion DOGE, indicating a possible price adjustment.
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Dogecoin (DOGE) is riding the recovery wave alongside Bitcoin (BTC), with the digital asset market experiencing a resurgence in numerous tokens. The price increase in DOGE is mirrored by a considerable increase in open interest over the previous day.
Renewed Market Interest Drives Dogecoins Rally
Data from CoinGlass shows that DOGE has registered a 5.75% gain during this time, fueled by increased investor interest in the meme coin. This implies that investors have committed a total of 9.78 billion DOGE, worth around $1.72 billion, to open positions in the meme coin market.
This occurrence has generated optimism among market players, who feel that DOGE may have rediscovered its upward trend.
DOGE is priced at $0.1765 on the open market as of press time, up 3.17% from the previous day. Investor participation has grown significantly, with trading volume jumping by 58.45% to $787.32 million. Toncoin (TON) Value Forecast for March 26th
Interestingly, community attitude is optimistic as DOGE tries to reach key price points. Many predict that the meme coin will break through the $0.18 resistance level if the current rise can be maintained.
Prominent on-chain analyst Ali Martinez believes that Dogecoins Bollinger Bands have tightened, which is a promising indicator. This frequently results in a substantial increase in the assets price.
## Dogecoin’s Valuation Surpasses Cardano (ADA)
Dogecoin is indeed on the right track! As per CoinMarketCap data, DOGE’s present valuation is comfortably positioned at $26.16 billion, outperforming Cardano (ADA), which is estimated at $25.66 billion.
The increase in this good boy’s valuation has pushed it beyond ADA in the standings, ascending from the eighth spot to even loftier positions.
The latest reduction in sell-offs for this leading meme coin may be exactly what it required, as experts suggest it might pave the way for a price adjustment.
As U.Today documented, the wider market is observing fewer DOGE holdings being sold off, boosting optimism for a prospective surge. Keep a close watch on this pup – it just might catch you off guard!
