Dogecoin (CRYPTO: DOGE) rebounded Monday overnight following Bitcoin's (CRYPTO: BTC) fresh move past $88,000.
What happened: The largest meme coin by market capitalization crossed $0.16, erasing losses after slipping below the level earlier this afternoon.
DOGE traded in a narrow range of $0.1629 to $0.1561 during the day, representing a marginal 0.20% rise in the last 24 hours. The coin's trading volume was up 23% over the previous day.
The late evening spike likely followed Bitcoin's move past $88,000, following a pullback to $86,000 in the early trading hours.
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Whale activity spiked, evidenced by a 41% jump in transactions valued over $100,000 in the last 24 hours, according to IntoTheBlock. Additionally, the balance held by long-term DOGE holders dipped by 0.88% in the 24 hours.
DOGE's Open Interest rose 1.58%, according to Coinglass, signaling a surge in speculative activity. More than 68% of Binance traders with open DOGE positions bet in favor of the coin's rally, as indicated by the Long/Short Ratio.
Meanwhile, the odds of a Dogecoin exchange-traded fund getting approved in the U.S. reached 52% on cryptocurrency-based prediction platform Polymarket.
Price Action: At the time of writing, DOGE was selling at $0.1603, up 0.20% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Piotr Gortat On Shutterstock.com
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