Dogecoin’s $0.7 Comeback: Trading Volume Hints at a Meme Coin Resurrection
Dogecoin bulls are sniffing around the $0.7 mark again—but this isn’t 2021. Volume trends show retail piling in, while whales quietly unload bags. Can the people’s crypto defy gravity twice?
Key signals: Spot volumes spiked 40% this week, but derivatives open interest lags—classic ’dumb money’ vs. ’smart money’ divergence. The last time DOGE saw these ratios? Right before its 60% crash from the 2024 ATH.
Wall Street’s watching through clenched teeth. Another DOGE pump would humiliate the ’serious investors’ who wrote it off—just like it did to CNBC’s crypto skeptics during the last cycle. The ultimate joke? A memecoin outliving half the ’institutional-grade’ altcoins launched since 2020.
DOGE Trading Volume Still Trending Low
The Dogecoin trading volume has been trending low as the dogecoin price has retraced over the last few months. This has culminated in a fluctuating market as investors remain very cautious when it comes to the market and meme coins like DOGE have suffered as a result.
According to data from the Coinglass website, the Dogecoin derivatives trading volume has not been able to even hit half of where it was back in November 2024 when the market was pumping. If anything, the decline has been consistent, with spikes here and there as the Dogecoin price fluctuated.
As of May 19, the total Doge derivatives trading volume was sitting at a mere $6 billion. Compared to the $60.11 billion peak that was recorded back in November 2024, the derivatives volume is down my around 90% since then.
There was a small spike in the volume to above $10 billion back on May 13 as DOGE bulls had pushed for higher prices. However, this was short-lived as another round of sell-offs has sent the price spiraling again, pushing the trading volume back down in response.
What This Could Mean For The Dogecoin Price
Historically, the increase in the derivatives trading volume have often coincided with the rise in the token’s price. This is visible throughout the years, and quite prominent in 2021, when the meme coin recorded its current all-time high above $0.7.
Currently, with the derivatives volume still trending low, it could translate to lower levels for the dogecoin price. Mostly, crypto traders are skewed toward shorting when it comes to betting on the Dogecoin price, leading to the suppression. For this to change, there would have to be a definite change in the Dogecoin trading volume, akin to what was seen back in November 2024.
If the volume is able to at least get back above $30 billion, then it is possible for the Dogecoin price to break toward $0.5. However, a break above the $0.7 all-time high WOULD require even much larger figures. Despite the volume beating the 2021 peak of $24.82 billion, the Dogecoin price still did not cross $0.5. This suggests much higher buying pressures than 2021 are required to send the Dogecoin price above $0.7 once more.
