Dogecoin created a storm

The metric in question here is “transaction volume,” which measures the total daily amount of a given cryptocurrency traded on the blockchain. When the value of this metric is high, it means that a large number of the desired coins are currently being moved on the network. Such a trend can be a sign of the active presence of traders in the market. On the other hand, low index values ​​indicate that the asset is currently seeing little activity. This kind of trend shows that there is not much interest in that coin among general investors. The chart below shows the trading volume trends of some of the largest market assets (including Dogecoin) over the past week: As can be seen, the trading volume of Dogecoin has increased significantly over the past day. The main reason for this increase seems to be the strong rally that this memecoin has seen during this period; Where it has outperformed all other top assets. Usually, investors find such extreme price action exciting; So it is not unexpected that they are attracted to digital currencies after this recent increase. The current DOGE trading volume levels are the highest since the first week of April, about 16 weeks ago. Such increased interest in this meme coin could be a positive development for the rally’s sustainability; Because a large number of traders must be present to provide the constant fuel needed for these movements. At the time of writing, Dogecoin is trading in the $0.078 range and has gained 12% in the past week.

Leave a Reply

Your email address will not be published. Required fields are marked *