Economy
Dogecoin Jumps as Trading Volume Surges to $100bn in February 2024
By Adedapo Adesanya
Latest data showed that amid renewed interest in the crypto market, Dogecoin (DOGE) was the seventh most-traded crypto in February after a sluggish performance throughout 2023.
According to data presented by AltIndex.com, the popular meme coin has seen its price jump by 94 per cent month-over-month, while its trading volume hit over $100 billion in February.
Dogecoin’s refreshed popularity follows a pretty rough year for the popular meme coin. After the crypto winter, meme coins, which add a layer of risk, have seen their values and the number of investors drop. While many managed to bounce back, Dogecoin continued struggling with its community not giving it enough momentum to drive its price back to 2021 levels.
According to CoinMarketCap data, Dogecoin’s 24-hour trading volume skyrocketed by a whopping 2,300 per cent month-over-month, jumping from roughly $280 million at the beginning of February to over $5 billion last week. The impressive four-digit growth has helped the meme coin climb the chart of the most traded coins in the crypto space.
Statistics show Dogecoin’s monthly trading volume hit $105 billion in February, ranking as the seventh most-traded cryptocurrency.
Shiba Inu was one spot above with $108.8 billion in 30-day trading volume, while Tether, Bitcoin, Ethereum, First Digital USD, and USDC took the first five spots on the list.
Last week, Dogecoin was traded at $0.161, still 70 per cent below its all-time high in April 2021. Nevertheless, the meme coin doubled its market cap in just a month.
Currently, DOGE boasts a market cap of $22.8 billion, up from $11.3 billion in February, helping it to rise from the 10th to the 9th position on the list of top ten cryptos.
The survey shared with Business Post showed that three out of ten most-traded cryptos in February were meme coins.
Dogecoin’s fantastic market performance demonstrates the growing investor interest in this meme coin. Also, its price and trading volume spike aligns with a broader trend of meme coins coming into the crypto market’s spotlight again.
The CoinMarketCap data show the largest meme coins by market cap, Dogecoin, Shiba Inu, Pepe, and Bonk all saw four-digit trading volume growth last month. Shiba Inu’s daily trading volume skyrocketed by a whopping 4,800 per cent, rising from $83.1 million in February to $4.1 billion last week.
Pepe saw the second-largest increase of 3,500 per cent, with its 24-hour trading volume spiking to over $3 billion last week. Bonk and Dogwifhat follow with 2,400 per cent and 844 per cent month-over-month increases, and $1.1 billion and $373 million in daily trading volumes, respectively.
Shiba Inu ranked sixth with $108.8 billion in monthly trading volume, one place before Dogecoin. Pepe was last on the list, with a 30-day trading volume of almost $70 billion.
By Aduragbemi Omiyale
The embargo earlier placed in the trading of Thomas Wyatt Nigeria shares has been lifted by the Nigerian Exchange (NGX) Regulation Limited.
The regulatory subsidiary of NGX Group lifted the suspension on Monday, July 6, 2026, via a notice signed by Bonaventure Onwuji on behalf of the Head of the Issuer Regulation Department of NGX RegCo.
Investors were earlier prevented from buying and selling equities of the organisation after it failed to submit its relevant financial statements as required by the listing rules.
The embargo was placed on October 31, 2025, in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing, which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.
After filing the results with NGX Limited, and pursuant to Rule 3.3 of the Default Filing Rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, the suspension was lifted.
By Adedapo Adesanya
Nigerian domestic oil producer Renaissance Energy has recorded its first major oil discovery since taking over Oil Mining Lease (OML) 74 last year, following the successful drilling of an exploration well offshore Nigeria in a development that could support the country’s efforts to boost crude oil production and replenish reserves.
Preliminary results showed about 1,000 feet (305 metres) of crude oil-bearing reservoirs across seven zones, with data and fluid tests confirming light oil in high-quality reservoirs, Renaissance said in a statement, without providing further details.
OML 74 is a large shallow-water block in the eastern Niger Delta off Nigeria’s coast and holds at least eight previously undeveloped discoveries.
Renaissance, which now owns Shell’s former onshore and shallow-water assets, operates Nigeria’s largest upstream joint venture with 18 oil leases, two export terminals and a FPSO vessel in the oil-rich delta.
Commenting on Tuesday, Mr Tony Attah, the managing director/chief executive of Renaissance, said the discovery reflects the company’s renewed focus on exploration and its commitment to boosting Nigeria’s long-term oil production.
“The success of JK-004, just over one year after assuming operatorship of these assets, demonstrates the strength of our exploration programme,” he said.
He lauded the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), adding that the exploration performance reflected the collaboration with the company’s joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies Limited and Agip Energy and Natural Resources.
He added that the NNPC Group Chief Executive Officer, Mr Bayo Ojulari, and the Executive Vice President, Upstream, Mr Udobong Ntia, provided the needed strategic guidance with commitment for value delivery across the joint venture assets.
On his part, the Vice President of Exploration and Chief Explorer at Renaissance, Mr Johnbosco Uche, said the exploration success was due to the company’s subsurface excellence, technical rigour, and disciplined approach to reserve replacement.
“The JK-004 well provides a strong foundation for accelerated maturation with clear pathways to early development and value realisation,” the Chief Explorer said, adding that the strategic location of JK-004 near an existing field would enable rapid commercialisation.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs Oritsemeyiwa Eyesan, described the feat as a perfect alignment with the commission’s vision of growing the nation’s reserves “to future-proof sustainable national growth,” and pledged to continue building the enabling regulatory environment required to support the Nigerian oil and gas industry.
By Aduragbemi Omiyale
The mandatory takeover bid of about 1.63 per cent shares held by minority shareholders of Premier Paints Plc by Xenergi has been launched.
Business Post learned that the exercise will open at 8 am on Monday, July 13, 2026, and close on Friday, August 7, 2026, and it concerns shareholders of Premier Paint, excluding Xenergi Plc, whose names appear in the register of members of Premier Paint on the qualification date, which was Monday, July 6, 2026.
Xenergi is looking to acquire a total of 2 million shares of Premier Paints at N38 per unit, amounting to N76 million.
The reason for this offer is to enable Xenergi comply with Section 142(4) of the ISA Act 2025 and Rules 445 – 448 of the SEC New Rules and Amendment dated August 30, 2021, following its acquisition of a 49.60 per cent majority equity stake in Premier Paint.
On June 8, 2026, Xenergi Plc acquired 61,003,350 ordinary shares in Premier Paint, representing a 49.60 per cent equity stake.
Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the Federal Competition & Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Limited.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi is required to make a takeover bid to all the other shareholders of Premier Paint.
Consequently, on May 25, 2026, the board of Xenergi granted approval for a Takeover to be made to all qualifying shareholders, for the acquisition of the offer shares.
