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.
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