Dogecoin Volume Spikes 3.5x as Memecoin Sector Sees 10% Price Surge

Dogecoin's price surged by 10% in the last 24 hours, following a significant increase in trading volume. The memecoin sector as a whole saw a market cap growth of over 5.37%, with total trading volume reaching $4.14 billion, up 189% from previous levels.

The resurgence in risk-on sentiment globally, fueled by the U.S Treasury's decision to double its long-term bond buyback, injected liquidity into the market and weakened the US dollar pegs, benefiting Dogecoin as a base asset.

DOGE's trading volume jumped 3.5x to around $1.28 billion, with more real-world adoption on the horizon thanks to its recent integration with the Paxos network used by PayPal and Venmo.

However, institutional capital remains minimal, with DOGE Spot ETFs seeing a net outflow of $564K on August 13th. The memecoin's price action suggests a potential bullish trend, with a major trendline broken since May and a bullish MA Cross observed in the charts.