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Dogecoin trading volume soars, ranks 7th in February

Published 03/11/2024, 10:27 AM
Updated 03/11/2024, 10:27 AM
© Reuters

Dogecoin, the cryptocurrency originally started as a joke, has experienced a significant resurgence in the crypto market. Dogecoin price is up 2% on Monday.

Its trading volume for February exceeded $100 billion, marking a dramatic increase from previous months, according to AltIndex, which is using data from CoinMarketCap. This surge in activity has made Dogecoin the seventh most-traded cryptocurrency for the month.

The meme coin's price jumped by 94% month-over-month, a notable rebound after a period of subdued performance throughout 2023. Last week, the coin's 24-hour trading volume saw an astonishing 2,300% increase from the beginning of February, rising from approximately $280 million to over $5 billion.

This growth has propelled Dogecoin up the ranks of the most traded coins in the crypto space.

In February, Dogecoin's monthly trading volume reached $105 billion, placing it just behind Shiba Inu, which had a volume of $108.8 billion. The top five spots were occupied by Tether, Bitcoin, Ethereum, First Digital USD, and USDC.

Despite trading at $0.161 last week, 70% below its all-time high from April 2021, Dogecoin has doubled its market cap in just one month, increasing from $11.3 billion to $22.8 billion. This leap has moved Dogecoin up to the ninth position in the ranking of the top ten cryptocurrencies by market cap.

The overall market performance of Dogecoin suggests a growing investor interest in meme coins.

CoinMarketCap data indicates that the largest meme coins by market cap, including Dogecoin, Shiba Inu, Pepe, and Bonk, all experienced four-digit growth in trading volume last month.

Shiba Inu's daily trading volume surged by 4,800%, Pepe's by 3,500%, and Bonk's by 2,400%, with Dogwifhat also showing significant growth.

Meme coins have made a notable impact on the trading volume rankings, with three meme-based cryptocurrencies featuring in the top ten most-traded list for February. Shiba Inu took the sixth spot, Dogecoin the seventh, and Pepe rounded out the list, highlighting the sector's increasing prominence in the digital asset market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Dogecoin hodler here.. Happy to see that AI is generating your articles now..
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