Dogecoin Trading Volume Drops 90% Since November 2024 Peak
Dogecoin's price has not reached previous all-time highs, facing resistance and increased sell-offs. The trading volume has decreased significantly, indicating investor caution.
Current Trading Volume Trends
- Dogecoin's trading volume is low, with derivatives trading at $6 billion as of May 19.
- This figure is down approximately 90% from the $60.11 billion peak in November 2024.
- A brief spike above $10 billion occurred on May 13 but was followed by further sell-offs.
Implications for Dogecoin Price
- Low derivatives trading volume may lead to a decline in Dogecoin's price.
- Past trends show that increased trading volumes often coincide with rising prices.
- For the price to rise above $0.5, the volume needs to surpass $30 billion.
- Reaching above $0.7 would require even higher trading volumes than seen historically.
