The price of Dogecoin (DOGE) has seen a slight uptick in the past 24 hours, coinciding with a surge in trading volume, according to data from CoinMarketCap. Notably, DOGE's trading volume has spiked by over 55%, with the quantity traded at approximately $1.31 billion.

This accounts for 7,679,930,192 DOGE transacted within the last 24 hours amid the coin's soaring adoption.

Dogecoin’s on-chain data shows growing interest

According to CoinMarketCap, this accounts for 7,679,930,192 DOGE transacted within the last 24 hours amid the coin's soaring adoption.

The spike in trading volume signals renewed interest on the part of investors in the largest meme coin by market capitalization. This development has triggered an appreciation in the value of DOGE as investors' attention has soared.

As of this writing, DOGE price was changing hands at $0.1725, representing a 1.84% increase in the last 24 hours.

DOGE had been trading at a low of $0.1689 on early market exchanges before the uptick in trading volume sparked a price appreciation for the coin. Amid this rally, DOGE climbed as high as $0.1790 before dropping back to its current value.

Analysts pointed out that the meme coin has experienced increased activity over the past seven days. Notably, on-chain data showed a surge in active DOGE addresses by up to 400% as users position themselves for what may lie ahead.

Proponents also opine that other indicators suggest investors might have decided to build up their holdings of DOGE gradually. This could have culminated in a spike in trading volume and price recovery for the meme coin.

Can Dogecoin flip Cardano?

The bullish signals that DOGE is flashing might result in a breakout rally if the meme coin can breach the $0.18 resistance level. It also has to overcome lingering downward pressure for it to soar.

Market observers believe that, with the recent increase in trading volume, DOGE could record enough buying support for its price to attempt high price levels.

Meanwhile, a significant gain by DOGE could see it flip Cardano in the market capitalization ranking.