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Dogecoin (DOGE) activity has surged in the past 24 hours, with trading volume soaring. Data shows a more than 55% spike, reaching approximately $1.31 billion.

Dogecoin's on-chain data reflects this growing interest. CoinMarketCap reports 7,679,930,192 DOGE traded in the last 24 hours, indicating increased adoption.

This surge in trading volume signals renewed investor interest in the leading meme coin by market capitalization. Consequently, DOGE's price has appreciated.

At the time of writing, DOGE is trading at $0.1725, a 1.84% increase in the last 24 hours. After reaching a low of $0.1689 earlier, the increased volume spurred a price rise, peaking at $0.1790 before settling at its current value.

Analysts note increased activity over the past seven days. On-chain data reveals a 400% surge in active DOGE addresses, suggesting users are preparing for potential future developments. Some believe this, coupled with other indicators, points to investors gradually accumulating DOGE, leading to the volume spike and price recovery.

Could Dogecoin surpass Cardano?

Positive signals for DOGE could trigger a breakout rally if it surpasses the $0.18 resistance level and overcomes existing downward pressure. Market observers suggest the recent volume increase could provide sufficient buying support to push DOGE towards higher price levels. A significant gain could potentially see DOGE overtake Cardano in market capitalization ranking. Read the original article on U.Today