Dogecoin Records Wild 9,616% Volume Jump on Market: Reason

Dog themed cryptocurrency Dogecoin (DOGE) has seen a massive increase in volume on the futures market, with crypto exchange Bitmex recording a 9,616% increase in futures volume in the last 24 hours.

According to CoinGlass date, the volume of Dogecoin futures reached $172 million on Bitmex, an increase of 9,616% in the last 24 hours.

Most often, an increase in volume reflects the position of traders, with crypto traders making directional bets on the dog currency.

Dogecoin’s increased volume coincided with a broader market selloff, which saw $1.7 billion in liquidations. DOGE was settled for $22 million, with longs accounting for the majority at $16.92 million.

At press time, Dogecoin was trading up 2.02% at $0.165, following a three-day slide that culminated in a low of $0.151 on Tuesday. Social interest has also shifted to Dogecoin as discussions about Elon Musk sending a literal Dogecoin to the moon ignite.

Is it time?

Elon Musk replied “It’s about time” to a Dogecoin post by Dogedesigner on November 3, 2025, prompting speculation about SpaceX fulfilling a 2021 promise to send a literal Dogecoin to the moon.

Doge designer he tweeted: “No Highs, no Lows, only DOGE,” alongside a screenshot of Elon Musk’s 2021 tweet about SpaceX putting a literal Dogecoin on the moon. To this, Elon Musk responded with “It’s time” and a smiley emoji.

This generated reactions throughout the Dogecoin community, with posts still being made at press time. Dogecoin price, however, posted a muted price reaction.

Going forward, the eyes will be on Dogecoin, confirming a bullish double bottom at $0.15 low, which could cause its price to target $0.21 and $0.24 once.