Adedapo Adesanya
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.
