Dogecoin leads in trading volume with a 513.20% surge.
DOGE Surges over 8.11%, in 24 hours
The memecoin community is rejoicing over the recent news of Dogecoin dominating other major cryptocurrencies like Bitcoin and Ethereum in terms of trading volume. It has experienced an impressive surge of 513.20%, breaking the 24-week streak of flat trading charts. Even Litecoin, which saw a persistent surge in trading volume due to the halving anticipation, falls behind in comparison to Dogecoin.
Investors’ high interest in Dogecoin can be largely attributed to market waves caused by the former CEO of X, adding DOGE to his Twitter address. Moreover, newborn X’s announcement of implementing buying and selling of DOGE and other cryptocurrencies also caused a price surge of 8.11%, with the price hitting the lowest at $0.07713 and the highest at $0.07798 within 24 hours.
DOGE Price Chart, Source: TradingView
Dogecoin vs Bitcoin, Ethereum and Litecoin
While most memecoins are in the bearish zone, Dogecoin stands out as a light in the dark. Its ROI saw a surge of 13668.78%, and the long-standing association with Elon Musk helped it go viral on social media platforms, especially given X’s current popularity. According to LunarCrush, the social engagement of Dogecoin reached 261.11M, up 362.8%.
With a lot of social chatter and speculation around X’s utility, DOGE at the time of writing holds the second position in LunarCrush AltRank— a combined measure of social and market activity.
Meanwhile, the gold coin BTC is struggling to maintain the $30,000 upmark, facing a decline of 2.02% in its price and ranking third in the trading volume price race, with a volume increase of 45.34%. The silver coin ETH is also experiencing a price decline of 0.96%, standing at $1,856, and is running fourth in the trading volume race.
Standing second in the race, Litecoin’s trading volume is up 43.86%, largely due to the anticipation surrounding its halving event as mentioned. However, its price is currently in the bearish zone, down by 3.62%.
Overall, Dogecoin’s surging trading volume and price, combined with its high ROI and strong social engagement, set it apart from other cryptocurrencies, making it a standout contender in the market right now.
Do you think that Dogecoin will sustain the positive trading momentum?
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