Dogecoin Price Consolidates Near $0.175 as Trading Volume Surpasses $2.5 Billion - Potential Rally Ahead?

Dogecoin (DOGE) is currently consolidating around the $0.175 mark, with bulls eyeing a potential surge towards $0.20 amid a significant increase in trading volumes, particularly during Asia trading hours.

Global Trading Volumes Top $2.5 Billion, Dogecoin Eyes Surge as Bitcoin Hits $72,000

Yahoo data indicates that Monday's trading volumes across major exchanges have already exceeded $2.5 billion prior to the US market open. Reports from South Korea also highlight that crypto trading volumes in the nation have surpassed those of the stock market, indicating a surge in risk appetite among Korean retail investors.

If this increased risk appetite extends to the US market on Monday, Dogecoin could experience a notable price surge. Additionally, with Bitcoin surpassing $72,000 and continuing its upward trajectory, the likelihood of a pickup in risk appetite remains high.

Dogecoin Doubles in Value Over Two Weeks Amid Bitcoin's Meteoric Rise, Eyes Potential Recovery Toward $1.00

Over the past two weeks, Dogecoin has seen a significant price increase, doubling in value. This surge follows Bitcoin's remarkable rise in recent months, with the cryptocurrency climbing from under $25,000 to over $70,000 since October 2023.

Despite DOGE's recent gains, it remains down more than 75% from its 2021 peak above $0.74. As the current crypto bull market progresses, there is potential for further upside, especially if Bitcoin continues its climb towards $100,000 in the coming weeks. Some projections suggest that Dogecoin could aim to close the gap to its all-time highs in 2024, potentially reaching $1.00 per token.

Could the Dogecoin price hit $1 in 2024? / Source: TradingView

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