Dogecoin is currently trading at $ 0.61, with trading volume increasing by over 400%. When DOGE exceeded 50 cents, the increase in market capitalization enabled DOGE to surpass XRP.
Dogecoin and Price Increase
Why is DOGE different? The fact that institutions and individual traders do not take this coin seriously does not mean that the price will not increase. A new viral, influential and community-based cultural phenomenon has come true with DOGE’s market value.
Overcoming a 30% price increase in 24 hours and the psychologically significant 50-cent barrier, DOGE is currently the 4th crypto asset by market capitalization. The money of a person who invested $ 1000 in DOGE on January 1, 2021, has reached a value of $ 115,576 today, according to data from intotheblock.
While traders continue to panic, Dogecoin, whose trade volume has increased by 40% in the last 24 hours, continues to attract attention.
Besides coins like Dogecoin, some coins also have high trading volume and increased demand across markets. MonaCoin’s trade volume has increased by 64% in the last 24 hours. These are the best coins that individual traders apply for and receive similar returns to DOGE in the future.
Dogecoin’s data also reveals interesting situations. Traders are looking for factors that make DOGE a cryptocurrency to be taken seriously. DOGE’s blockchain volume increased by 35.5 times. The market value has reached 78 billion dollars. The number of addresses of traders increased by 286 percent.
DOGE’s rally was mainly fueled by Musk’s tweets, but that’s not the case right now. DOGE, which led the rally of interesting coins, may not be what Galaxy Digital’s report explains. Despite the high concentration of large Dogecoin HODLers, the number of active Dogecoin addresses increased at the 30-day moving average, according to the data in the report. This indicates that the Dogecoin sentiment is on the rise among traders.
Another key metric shows that more than 60% of Dogecoin’s supply moved last year, with high liquidity when it comes to altcoins. While other altcoins have not had the same experience, Dogecoin’s rally is largely due to this.