Dogecoin (DOGE) has experienced a notable surge in a key metric. Specifically, Dogecoin trading volume skyrocketed by 30% over the past 24 hours, coinciding with price increases.

Dogecoin investors demonstrate confidence

According to data from CoinMarketCap, Dogecoin trading volume increased by 30.45% over the past 24 hours to $3.5 billion. This increase in trading volumes shows increased activity and interest in DOGE. 

Traders are seeking to capitalize on the DOGE price amid renewed momentum on the meme coin market. DOGE, the leading market meme coin, has seen its price surge by 9.4% to $0.2456 over the previous day.

On the weekly and monthly charts, the DOGE price rallied 22.4% and 18.9%, respectively. The latest price increase has propelled DOGE up the crypto market ranking. Currently, Dogecoin is ranked eighth in the crypto rankings, overtaking Tron (TRX), with a market cap of $37.18 billion.

Importantly, the ongoing price rally is not peculiar to DOGE. Bitcoin (BTC) has reclaimed the $119,000 level after dropping to a low of $118,000 on Tuesday, Aug. 12. 

Ethereum (ETH) also followed a similar path, climbing to $4,630 as of press time. Other meme coins, like Shiba Inu (SHIB) and Pepe (PEPE), were not left out of the rally. These digital assets saw daily increases of 6.7% and 9.3%, respectively.

Dogecoin price prediction

Although Dogecoin showed mixed price signals in recent days, analysts predicted that an explosive breakout is on the horizon. Crypto analyst Ali Martinez recently highlighted $0.36 as a crucial level for DOGE.

The analyst believes DOGE is set for an explosive upsurge if it successfully pushes past $0.36 and maintains resistance above it. Once this level is cleared, DOGE is likely to print a new price target at $0.70.

Another market analyst, Kaleo, has also raised optimistic sentiment about DOGE's future price movement. Kaleo said it could take a day or less for DOGE to reclaim recent highs, once momentum builds.