Dogecoin (DOGE) Volume Up 118% as Price Soars 8%, What’s Happening?

Dogecoin, the initial meme coin, has entered rally mode.

According to data from CoinMarketCap, DOGE, currently ranked No. 9 by market cap, is trading at $0.1405, up 9.01% over the past 24 hours. 

Its market cap has climbed to $23.63 billion (9.02% increase), while 24-hour trading volume surged 127.03% to $3.41 billion.

Dogecoin’s total supply stands at 168.16 billion DOGE, highlighting elevated trading activity behind the price move. The fully diluted valuation (FDV) matches the market cap at $23.63 billion, with a strong volume-to-market-cap ratio of 14.44%.

Despite Bitcoin struggling to regain momentum in the first days of 2026, meme coins have seen a massive spike in trading volume. The Crypto Fear & Greed Index remains in the “Fear” zone, although it appears to be moving toward the “Neutral” direction.

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The new year opened with a surge of activity in the meme coin sector, led by Dogecoin. On January 1, DOGE recorded an 11.96% jump in futures open interest, signaling renewed speculative interest and growing optimism among traders. 

Open interest reflects the total value of active futures contracts and is often used as a proxy for market confidence.

Data from CoinGlass shows that roughly 3.58 million DOGE tokens were added to the futures market within 24 hours, pointing to a sharp rise in leveraged positioning. 

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At the same time, DOGE’s hourly chart flashed a bullish technical signal, with a short-term moving average crossing above a longer-term one, commonly referred to as a golden cross.

The shorter SMA is usually the 50-period, while the longer one is typically the 200-period. However, the DOGE hourly chart showed the 9-period SMA crossed above the 26-period.

Momentum quickly spread across the meme coin market. Shiba Inu climbed about 8%, Bonk gained nearly 11%, and Floki advanced close to 10%.