Dogecoin Records Wild 9,616% Volume Jump on Market: Reason
Dogecoin (DOGE) has seen a 9,616% surge in futures trading volume on Bitmex, reaching $172 million. This spike coincided with a broader cryptocurrency market sell-off amounting to $1.7 billion in liquidations, with $22 million tied to DOGE, mostly on long positions. DOGE price rose 2.02% to $0.165 after a three-day drop. Social media discussions skyrocketed after Elon Musk hinted at SpaceX fulfilling a 2021 promise to send a literal Dogecoin to the moon. While the Dogecoin price reaction remained subdued, market analysts are observing its bullish chart movements, targeting potential increases to $0.21 or $0.24.
Massive Surge in Dogecoin Futures Volume
Dog-themed cryptocurrency Dogecoin (DOGE) saw a massive volume surge on the futures market, with Bitmex crypto exchange recording a 9,616% surge in futures volume over the last 24 hours. According to CoinGlass data, Dogecoin futures volume hit $172 million on Bitmex—a remarkable 9,616% increase within just one day.
Traders' Positioning Reflecting in Volume Surge
Typically, such a surge in volume reflects traders' positioning, with crypto traders taking directional bets on the highly volatile 'dog coin.' The surge in Dogecoin volume aligns with a broader market sell-off, which led to $1.7 billion in liquidations globally. Of this, DOGE experienced $22 million in liquidations, with the majority—$16.92 million—coming from long positions.
Dogecoin Price Movement Amid Market Volatility
At the time of reporting, Dogecoin was trading up by 2.02% at $0.165, rebounding slightly after a three-day drop that saw the price bottom out at $0.151 on Tuesday. Additionally, social interest in Dogecoin has spiked, partly driven by discussions about Elon Musk's promise to send a literal Dogecoin to the moon.
Elon Musk's Comment Rekindles Speculation
On November 3, 2025, Elon Musk responded to a Dogecoin-related post by Dogedesigner, saying: "It's time." This prompted speculation about SpaceX fulfilling its 2021 promise to send a literal Dogecoin to the moon. In the tweet, Dogedesigner shared an old screenshot of Musk’s 2021 tweet saying: "No Highs, no Lows, only DOGE." Musk's response with "It's time" and a smiley emoji has since sparked significant reactions across the Dogecoin community.
Muted Price Reaction and Future Predictions
Despite the renewed excitement and speculation, Dogecoin's price movement has so far seen a muted reaction. Looking ahead, analysts are observing the potential confirmation of a bullish double bottom at the $0.15 low. If confirmed, Dogecoin's price could target $0.21 and $0.24 in the near future.