Over the last day, Dogecoin has been seeing a significant increase.
The largest memecoin has increased by 10% in the past day, according to CoinGecko, and is currently trading at $0.068.
Dogecoin appears to be experiencing strong buying pressure, and the signs point to a higher likelihood of an upswing.
If the Dogecoin community can continue the bullish increases that have emerged in the last 24 hours, then significant gains may be observed in the upcoming weeks and months.
The recent bullish price movement of Dogecoin may be explained by the cryptocurrency's large trading volumes during the previous 24 hours.
With $8.7 billion in market capitalization and $960 million in 24-hour trading volumes, it is the tenth-largest cryptocurrency according to this criterion.
As the bears have wiped out the majority of the gains this memecoin has gained, Dogecoin has been on a precipitous drop this year.
When compared to an all-time high set in May of last year, DOGE has decreased by 90%.