What Is Happening With Dogecoin Overnight On Monday?

Dogecoin DOGE/USD rebounded Monday overnight following Bitcoin's BTC/USD 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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