Dogecoin’s trading volume has soared to remarkable levels, showcasing the cryptocurrency’s surging popularity and expanding potential in the dynamic crypto market.
In the last 24 hours, Dogecoin’s daily trading volume surged, surpassing other leading meme coins. Despite its slow growth since 2023, Dogecoin’s persistent efforts have paid off, making it the seventh most traded cryptocurrency.
Dogecoin Surpasses $100 Billion Trading Volume Milestone
AltIndex Highlights Record Achievement: According to AltIndex, Dogecoin achieved a significant milestone in February by reaching a total trading volume of $100 billion, surpassing the previous year’s record. This milestone reflects a substantial 94% price increase and a remarkable 2,300% surge in 24-hour trading volume month over month.
Rapid Surge in Trading Volume: In just over a month, Dogecoin’s 24-hour trading volume surged from a modest $280 million to an impressive $5 billion. Presently, CoinMarketCap data reveals a further increase, with Dogecoin’s 24-hour trading volume exceeding $2.87 billion, marking a 28.85% rise. This surge has propelled Dogecoin ahead of trending meme coins like Shiba Inu, PePe, and Floki in terms of market gains.
Uptick in Trading Volume Rankings: In the 24-hour volume rankings, Dogecoin currently holds the 9th position, outpacing Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE), which occupy the 11th, 13th, and 15th spots respectively. This increase in trading volume indicates a renewed interest among investors and traders, reflecting a shift in market sentiment that has propelled Dogecoin among the top-performing cryptocurrencies.
Dogecoin’s Potential to Shine in the 2024 Bull Run
While Dogecoin maintains a significant position among the top 10 most traded cryptocurrencies, it is steadily gearing up to secure another prominent spot among the leading gainers in the 2024 bull run. In 2023, the cryptocurrency faced numerous price declines and stagnant growth, leading to doubts about its growth prospects and ability to break out of bearish trends.
Despite the challenging market sentiment, crypto analyst Ali Martinez has sparked renewed enthusiasm for Dogecoin, suggesting that it could achieve a new all-time high of $1 by April. Currently trading at $0.17, the cryptocurrency is steadily climbing, aiming to surpass critical resistance levels.
Key elements in 2024, such as the introduction of Spot Bitcoin ETFs and the upcoming Bitcoin halving, could potentially trigger an altcoin run. Among the top altcoins that have historically led previous bullish cycles, Dogecoin stands at the forefront, having reached an all-time high of $0.73 during the 2021 bull run.
DOGE price recovers after brief dip | Source: DOGEUSDT on Tradingview.com
Martinez and other crypto analysts share a similar sentiment, predicting that Dogecoin could break through crucial price resistance to reach $1 in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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