Dogecoin Records Wild 9,616% Volume Jump on Market: Reason

Dog-themed cryptocurrency Dogecoin (DOGE) saw a massive volume surge on the futures market, with Bitmex crypto exchange recording a 9,616% surge in futures volume in the last 24 hours.

According to CoinGlass data, Dogecoin futures volume came in at $172 million on Bitmex, a 9,616% increase in the last 24 hours.

More often than not, a surge in volume reflects traders' positioning, with crypto traders making directional bets on the dog coin.

Dogecoin's volume surge coincides with a broader market sell-off, which saw $1.7 billion in liquidations. DOGE was liquidated for $22 million, with longs accounting for the majority at $16.92 million.

At press time, Dogecoin was trading up 2.02% at $0.165, following a three-day drop that culminated in a low of $0.151 on Tuesday. Social interest has also shifted to Dogecoin as discussions about Elon Musk sending a literal Dogecoin to the moon ignite.

Is it time?

Elon Musk replied "It's time" to a Dogecoin post by Dogedesigner on Nov. 3, 2025, prompting speculation about SpaceX fulfilling a 2021 promise to send a literal Dogecoin to the moon.

Dogedesigner tweeted: "No Highs, no Lows, only DOGE," alongside a screenshot of Elon Musk's tweet in 2021 about SpaceX putting a literal Dogecoin on the moon. To this, Elon Musk responded with "It's time" and a smiley emoji.

This generated reactions across the Dogecoin community, with posts still being made at press time. The Dogecoin price however, posted a muted price reaction.

Going forward, eyes will be on Dogecoin, confirming a bullish double bottom at the $0.15 low, which might cause its price to target $0.21 and $0.24 once again.