Tuesday, June 15, 2021

Dogecoin trading volume hits $5B, surpassing Bitcoin’s for the first time ever

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Dogecoin (DOGE) briefly surpassed Bitcoin (BTC) in day by day quantity on Binance at over $5 billion on Jan. 29. 

This can be a first for Dogecoin, and it occurred as the worth of DOGE surged round eightfold in a single day from $0.012 to over $0.08.

DOGE/USDT 15-minute worth chart (Binance). Supply: TradingView.com

What was behind the craze round DOGE?

The meteoric rally of DOGE was fueled by posts and tweets from r/Wallstreetbets merchants on Twitter and Reddit. In actual fact, the tweet quantity additionally soared to new record highs, surpassing BTC for the primary time ever. 

The craze round GameStop (GME) moved over to silver and DOGE in consequence, inflicting huge rallies in a brief interval.

The suspension of the trading of GME on Robinhood additionally catalyzed the DOGE rally, trade executives say.

On Jan. 29, Robinhood abruptly halted the buying and selling of GME, causing outrage amongst its customers and a number of other lawmakers.

Some theorize that the buying and selling halt enraged many customers and led them to show their eyes to different belongings. Amongst different belongings, many merchants within the r/Wallstreetbets neighborhood have been attracted by DOGE and silver.

Mike Abundo, tcommittee chairman at Fintech Philippines, said:

“If you happen to had simply remembered that $DOGE was all the time the most well-liked memecoin on Robinhood, and discovered that Robinhooders blocked from memestocks would go for a memecoin as a substitute, you could be fantastically rich by now.”

Nearly instantly after DOGE noticed its rally, Bitcoin noticed a sudden surge as Elon Musk, the world’s richest man, added “Bitcoin” to his Twitter bio.

Whereas Bitcoin probably rallied as a result of Musk’s surprising addition of the phrase “Bitcoin” to his bio, a number of the earnings from DOGE may have additionally flown again into BTC to propel its worth.

Whereas some might imagine that DOGE is simply too small to have an effect on the worth of a serious cryptocurrency like Bitcoin, it briefly grew to become the eighth-largest cryptocurrency on the earth.

Dogecoin worth and Sentiment. Supply: TheTie

With over $5 billion in day by day quantity, there may be adequate capital in DOGE buying and selling that it may have a big influence on the short-term worth pattern of Bitcoin.

What occurs to DOGE subsequent?

Some pseudonymous merchants and analysts consider DOGE may have yet another run up towards $0.01.

There may be additionally an ongoing meme on r/Wallstreetbets and different associated boards about pushing DOGE to $1. A dealer generally known as “0x_Infinitum” said:

“IMO $Doge nonetheless has yet another push. A giant one. Simply large enough for folks to truly begin believing the $1 meme. That is when lifelong neighborhood members can be made.”

Though DOGE is taken into account a “memecoin,” its latest rally pushed its valuation to over $7 billion. If DOGE rallies towards $1, it could make it the second-biggest cryptocurrency behind Bitcoin.

It already briefly overtook Litecoin (LTC) earlier right this moment as its parabolic pattern continued. On the time of writing, DOGE worth is up roughly 340% prior to now 24 hours