Dogecoin (CRYPTO: DOGE) traders and investors have once again turned their attention to the meme coin as it reported a 7.3% surge over the past 24 hours.

What Happened: Dogecoin, the cryptocurrency often associated with Shibainu dogs and Elon Musk, dropped to a two-week low of $0.160 on Monday before buyers aggressively entered the market.

The cryptocurrency rebounded to $0.174 at press time.

Dogecoin’s derivatives market also saw significant activity, with options volume soaring by 84.21% and Open Interest (OI) increasing by 8% to $804K.

According to data from derivatives exchange Delta Exchange, traders sold 17,662 Dogecoin options and bought 17,338 options over the past 24 hours.

Relative Strength Index (RSI) readings for Dogecoin suggest that it remains in oversold territory on a 14-day setting. However, on a four-hour time frame, the RSI is heating up, indicating potential for more gains.

Dogecoin Price Action: Dogecoin was trading at $0.173 at press time.

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Chart: TradingView