Dogecoin's price has seen a slight 0.43% increase over the past 24 hours to $0.06269 according to the data provided. This comes after a relatively stagnant week for the meme-inspired cryptocurrency, with prices increasing only 1.60% over the past 7 days. However, zooming out shows Dogecoin is still in a downtrend, with prices dropping 1.10% over the past month and significantly decreasing 16.05% over the past 6 months.
Despite the recent sideways price action, Dogecoin still maintains a large market capitalization of $8.82 billion. This makes it the 8th largest cryptocurrency by market cap. Over the past 24 hours, $168.58 million worth of DOGE has been traded on exchanges. So what insights can we glean from this data snapshot of Dogecoin?
Dogecoin Seeing Decreased Volatility
The first takeaway is that volatility has decreased for Dogecoin, with more modest price fluctuations over the past week compared to the major swings typically seen with the asset. The 24 hour change has been just 0.25% up or down. This points to consolidation around the current $0.06 price level.
Lower volatility can signal that a new long term trend is beginning to develop. If prices stabilize here, Dogecoin could see a reversal of its long term downtrend that has been in place since the 2021 bull market peak. However, continued decrease in trading volume may be a bearish signal if it shows waning interest in the asset.