Monthly volume launches Dogecoin as the fifth most traded cryptocurrency, $253B.
Dogecoin has risen to become one of the top 10 cryptocurrencies by market valuation in the previous six months, attracting increasing interest in the crypto sector.
According to BlockArabia.com, the meme-inspired crypto coin is also the sixth most traded cryptocurrency, with a monthly trading volume of approximately $253 billion.
Since the beginning of 2021, Dogecoin’s popularity has skyrocketed. The digital currency gained popularity in February after Tesla CEO Elon Musk and musician Snoop Dogg sent out a barrage of tweets about it, pushing up its price.
According to CoinMarketCap statistics, the 24-hour trading volume of the world’s sixth-largest cryptocurrency by market cap was about $229,000 at the start of January. However, by the end of the month, this amount had risen to $25 million and was hovering around $6 million over the next several weeks.
During February and March, Dogecoin’s daily trade volume fluctuated between $1 million and $3 million, until reaching an all-time high of $69.4 million on April 14. It fell to about $1.3 million on July 2, still a huge 480 percent rise over January statistics.
EOS rated higher than Dogecoin on CoinMarketCap, with a monthly trading volume of $287.8 billion dollars. According to statistics, Bitcoin and Ethereum are in second and third position, with monthly trade volumes of $1.2 trillion and $888.9 billion, respectively. Tether, on the other hand, remains at the top, with a monthly trading volume of close to $1.5 trillion.
Dogecoin has moved into the top 10 cryptocurrencies in the world, after Bitcoin, Ethereum, Tether, Binance Coin, and Cardano, thanks to its recent price increase.
The price of the original meme coin was $0.009 in January. After Tesla CEO Elon Musk and rapper Snoop Dogg sent out a flurry of tweets praising the currency, its price soared to $0.08 a month later and continued to rise in the months that followed.
It reached an all-time high of $0.7 in May. Despite the fact that this value fell to $0.24 last week, it still marks a tremendous 2400 percent gain since the start of the year.
Dogecoin was also the third most popular cryptocurrency to hold in the United States and the United Kingdom, according to Measure Protocol statistics, with 24 percent and 15.5 percent ownership rates, respectively.