- Dogecoin ranked at the ninth place on the top 10 list of most traded cryptocurrencies by trading volume.
- The meme token is up by almost 9% in the recent week.
According to a recent tweet by WhaleStats wallet tracker states that “Dogecoin has entered the top 10 list of assets with the biggest trading volume over the past 24 hours.”
Apart from this, the adoption of Dogecoin is gradually spreading as recently, FCF Pay — a blockchain payment system, customers have voted for this blockchain payments processor to add Dogecoin for payments via its virtual prepaid debit cards. “The blockchain payment company stated that DOGE and Ethereum would get a second chance in the next poll.”
On the other hand, the Dogecoin supporter, Elon Musk was announced not guilty by the jury in court concerning the charges of the SEC made against him back in 2018. “The regulatory agency accused the Tesla boss of breaking the federal law on securities after he posted a tweet in which he said that he was taking Tesla private at $420 with funding secured.”
The Bounce Back of Dogecoin
At press time, Dogecoin ($DOGE) is trading at $0.095847 with a 24-hour trading volume of $1.06 Billion. Dogecoin is up 2.33% in the last 24 hours, with a current market cap of $12.71 Billion. There is no doubt that Dogecoin has become the largest meme token by market cap value. Dogecoin noted an increase of 33% in one month, and around 35% in the last six months.
In addition, according to a tweet by Santiment, “Dogecoin has broken out with major whale transactions today, easily the highest of the year, going along with address activity spiking. The polarizing coin is up +40% since December 29th, and is back above $0.095 for the first time since December 10th.”
Meanwhile, the market intelligence platform clarified about the tweet that “the on-chain spikes from the last couple of days are what are considered anomalies from the rest of the markets.
It must be noted that Dogecoin’s price has notably recently surged after a report suggested Elon Musk wants Twitter to offer a payments service that would include cryptocurrencies. The Tesla king recently put pressure on fast-food giant McDonald’s to accept it as a payment method. His original offer to McDonald’s came after a cryptocurrency market sell-off that had seen McDonald’s tease the cryptocurrency community with a tweet asking people who run crypto Twitter accounts how they are doing after the sell-off.
One another pseudonymous cryptocurrency analyst, Rekt Capital, suggested DOGE could see a breakout rally that would see it rise above its current levels after it underperformed other meme-inspired cryptocurrencies in the cryptocurrency space’s latest rise.
Source: https://www.thecoinrepublic.com/2023/02/05/the-come-back-of-dogecoin-on-top-10-list-by-trading-volume/