Dog-themed cryptocurrency Dogecoin (DOGE) has slightly retraced after enjoying three consecutive days of rising since May 20. Dogecoin reached highs of $0.2544 early Friday before falling to an intraday low of $0.227.
Dogecoin's trading volume reached $3.36 billion in the same 24-hour period, down 1.84% according to CoinMarketCap, mirroring the nearly 2% decline in DOGE’s price.
This week, Dogecoin saw bullish momentum as the price of Bitcoin surged. The rise reached $0.2544 early Friday, Dogecoin's highest level since May 12.
Selling pressure crept in as expected, driven by profit-taking and macroeconomic factors, resulting in a U-turn in price action early Friday. Within hours, Dogecoin dropped back to $0.227, wiping out its daily gains but remaining up 3.62% weekly.
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The $3.36 billion in 24-hour trading volume implies that Dogecoin continues to demand substantial market interest, although the 1.84% decline in volume indicates a minor dip in activity, most likely reflecting the caution in the crypto market after the recent surge.
DOGE an exception
Bitcoin hit new highs this week, topping $111,000 for the first time, and, surprisingly, 100% of its circulating supply is currently in profit. Despite this bullish milestone, market sentiment tells a different story.
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Bitcoin funding rates remain muted, sitting slightly below neutral at just 0.0079%, according to Glassnode, reflecting a surprising lack of speculative enthusiasm among traders.
Glassnode noted that among the top 10 cryptocurrencies, speculative appetite is notably subdued, indicating a broader sense of caution on the market. While most major cryptocurrencies mirror Bitcoin's recent trend, Dogecoin is currently among the two notable exceptions, with its funding rates slightly above neutral, hinting at mild speculative interest among traders betting on short-term price movements.
