Dogecoin is experiencing a strong momentum to surpass the $1 mark, supported by derivative activity, technical signals, and growth in decentralized finance. This cryptocurrency is currently trading at $0.2318, with a market capitalization recorded at $35.253 billion. Recent metrics show an increasing participation of traders and a growing value locked on decentralized finance platforms.
Price Volatility and Market Activity
The price chart from late 2023 to mid-2025 shows that Dogecoin went through several correction phases before a strong upward reversal. Each phase, marked from I to V, is followed by upward momentum and breakouts.
According to Trader Tardigrade's analysis, the recent price surge has pushed Dogecoin above $1 in mid-2025. The oscillation indicators also show repeated overbought and oversold signals, consistent with these market cycles. The derivatives market for Dogecoin continues to show steady growth. Open interest volume reached $3.52 billion, an increase of 0.59% from previous data.
The options volume increased by 14.34% to $830.02 thousand, while open options contracts rose by 122.36% to $1.51 million. According to Coinglass data, the buy/sell ratio in the past 24 hours is 0.9635, reflecting a balanced state. Binance traders show stronger buying activity, with a ratio above 3.40.
Market growth and investor participation
Dogecoin's presence in the decentralized finance sector has steadily grown throughout 2024 and 2025. According to DefiLlama, the total value locked reached $21.66 million, an increase of 3.55% in 24 hours. Chain fees and revenue are recorded at $3,282, while distributed token incentives reached $6.51 million.
This data reflects a higher level of interaction across the network and increasing liquidity. A golden cross formed on August 13, 2025, when the 50-day moving average crossed above the 200-day moving average.
Historical data shows that similar signals have been followed by strong price increases. According to market analysts' observations, the accumulated volume of whales has increased by more than 2 billion DOGE in just one week. Meanwhile, open trading volume on derivative products has risen to $3.82 billion, reflecting positions enhanced by traders.