The cryptocurrency market is witnessing intriguing movements as Dogecoin experiences some upward momentum. The resurgence of Bitcoin, inching closer to its historic highs, has sparked interest across various altcoins. An uptick of over 10% in Ethereum’s price has created ripples in the market, with Dogecoin joining the trend, reflecting a rebound exceeding 5%. However, the lack of significant trading volume may point to investor hesitation in fully engaging with the meme coin at this time.
Dogecoin Trading Activity Remains Low
While Dogecoin approaches the $0.2 mark, its trading volume has not significantly escalated. Current levels are notably falling short compared to the peaks observed in earlier months, indicating a possible market trend-following behavior rather than an intrinsic driver of growth for Dogecoin itself.
Recent statistics from a reputable source highlight that Dogecoin’s trading volume has languished below $5 billion daily. This figure starkly contrasts the dynamic spikes witnessed during previous market rallies, especially when sentiment was bullish.
To illustrate, in February, the daily trading volume surged past $10 billion amid market fluctuations. Similarly, in May 2025, despite an upward push for Dogecoin above $0.25, trading volumes soared past the $10 billion threshold, indicating robust market activity.
Yet, as we advance into June, Dogecoin’s trading volume has not breached the pivotal $10 billion mark. The highest daily trading volume recorded this month was $5.89 billion on June 6, primarily driven by short selling amid declining market conditions.
Stable Open Interest Signals Caution
Corresponding with the trends in trading volume, open interest for Dogecoin has also remained relatively flat. Since the beginning of June, there have been minimal fluctuations, with daily averages hovering around $2 billion. This stability suggests a wait-and-see posture among traders, reflecting a cautious outlook as the market landscape evolves.
As of June 11, the open interest in Dogecoin stood at $2.11 billion, a decline from the $2.5 billion average noted at the end of May. This potential cooling-off period may indicate that investors are holding back from increasing their positions until more favorable market conditions emerge.
