Over the last six months, Dogecoin became one of the top ten cryptocurrencies by market cap, drawing more and more attention in the crypto space.
According to data presented by Block Arabia, the meme-inspired crypto coin ranked as the fifth most traded cryptocurrency, with over $253bn in monthly trading volume.
Dogecoin’s Trading Volume Surged by 480% Since January
Dogecoin‘s popularity has exploded since the beginning of 2021. In February, the digital currency captured public attention as Tesla CEO Elon Musk and rapper Snoop Dogg sent out a flurry of tweets about the coin, driving up its price.
At the beginning of January, the 24-hour trading volume of the world’s sixth-largest cryptocurrency by market cap amounted to around $229,000, revealed the CoinMarketCap data. However, this figure surged to $25 million by the end of the month and remained around $6 million in the following weeks.
Dogecoin’s daily trading volume floated between $1 million and $3 million during February and March and then hit an all-time high of $69.4 million on April 14. On July 2, it dropped to around $1.3 million, still a massive 480% increase compared to January figures.
The CoinMarketCap data showed EOS ranked above Dogecoin, with $287.8bn in monthly trading volume. Statistics show Bitcoin and Ethereum hold the second and third place with $1.2trn and $888.9bn in monthly trading volume, respectively. However, Tether still grasps the top with close to $1.5trn in monthly trading volume.
Dogecoin’s Value Soared by 2400% YTD, Despite the Crypto Price Crash
Due to its recent surge in price, Dogecoin climbed among the world’s top ten cryptocurrencies, following Bitcoin, Ethereum, Tether, Binance Coin, and Cardano.
In January, the price of the original meme coin amounted to $0.009. A month later, after the Tesla CEO Elon Musk and rapper Snoop Dogg sent out a flurry of tweets about the coin, its price jumped to $0.08 and continued rising in the following months.
In May, it hit an all-time high of $0.7. Although this figure slipped to $0.24 last week, it still represents a massive 2400% increase since the beginning of the year.
The Measure Protocol data also showed Dogecoin ranked as the third most popular cryptocurrency to own in the United States and the United Kingdom, with a 24% and 15.5% ownership rate, respectively.