Dogecoin trading volume hits $5B surpassing Bitcoin's for the first time ever

[Power]

Dogecoin trading volume hits $5B surpassing Bitcoin's for the first time ever
As the price of DOGE surged eight-fold within a day, the volume of Dogecoin surpassed Bitcoin's on Binance.

Dogecoin trading volume hits $5B surpassing Bitcoin's for the first time everMARKET ANALYSIS
Dogecoin (DOGE) briefly surpassed Bitcoin (BTC) in daily volume on Binance at over $5 billion on Jan. 29.

This is a first for Dogecoin, and it happened as the price of DOGE surged around eight-fold overnight from $0.012 to over $0.08.


DOGE/USDT 15-minute price chart (Binance). Source: TradingView.com
What was behind the craze around DOGE?
The meteoric rally of DOGE was fueled by posts and tweets from WallStreetBets traders on Twitter and Reddit. In fact, the tweet volume also soared to new record highs surpassing BTC for the first time ever.

The craze around Gamestop (GME) moved over to Silver and DOGE as a result, causing massive rallies in a short period.

The suspension of trading GME on Robinhood also catalyzed the DOGE rally, industry executives say.

On Jan. 29, Robinhood abruptly halted the trading of GME, causing outrage among its users and several lawmakers.

Some theorize that the trading halt enraged many users and led them to turn their eyes to other assets. Among other assets, many traders in the WallStreetBets (WSB) community were attracted by DOGE and Silver.

Mike Abundo, the committee chairman at Fintech Philippines, said:

“If you had just remembered that $DOGE was always the most popular memecoin on Robinhood, and figured out that Robinhooders blocked from memestocks would go for a memecoin instead, you might be fantastically wealthy by now.”
Almost immediately after DOGE saw its rally, Bitcoin saw a sudden surge as Elon Musk, the world's richest man, added “Bitcoin” to his Twitter bio.

While Bitcoin most likely rallied due to Musk’s unexpected addition of the word “Bitcoin” to his bio, some of the profits from DOGE could have also flown back into BTC to propel its price.

While some may think that DOGE is too small to affect the price of a major cryptocurrency like Bitcoin, it briefly became the eighth-largest cryptocurrency in the world.


Dogecoin price and Sentiment. Source: TheTie
With over $5 billion in daily volume, there is sufficient capital in DOGE trading that it could have a significant impact on the short-term price trend of Bitcoin.

What happens to DOGE next?
Some pseudonymous traders and analysts believe DOGE could have one more run up towards $0.01.

There is also an ongoing meme about pushing DOGE to $1 on WallStreetBets and other related forums. A trader known as “0x_Infinitum” said:

“IMO $Doge still has one more push. A big one. Just big enough for people to actually start believing the $1 meme. That's when lifelong community members will be made.”
Although DOGE is considered a “memecoin,” its recent rally pushed its valuation to over $7 billion. If DOGE rallies towards $1, it would make it the second-biggest cryptocurrency behind Bitcoin.

It already briefly overtook Litecoin earlier today on Jan. 29 as its parabolic trend continued. At the time of writing, DOGE price is up roughly 340% in the past 24 hours

Source: https://cointelegraph.com/news/dogecoin-trading-volume-hits-5b-surpassing-bitcoin-s-for-the-first-time-ever

[cotton ball]

It made the price of Dogecoin continue to rise making trading volumes so high Elon Musk was the first to make Dogecoin bumping and got a very high place in investors. Once the purchase of Dogecoin until now the volume is so large and the incredible money makes Dogecoin price to the moon.

[Octoalts]

This is due to the increasing price of Dogecoin, and perhaps Doge trading volume will continue to increase. Now Doge will be a coin that is calculated in investment, because it turns out that the price of Doge is able to go up high, as is the case today.

[robert20]

People are talking that DOGE wll touch 1$ this year they dont understand that it was just a rapid pump it will go down surely within some time.

[syedrasool2011]

That good volume for Doge coin but Doge has grew in fans , Dogecoin has become the most traded one. A lot kids invested in dogecoin, not big investors. But this time , Big investors will try to take a bite because volume and the increase in market cap. As the kids are the future, so is Dogecoin and i think it will pump again if you want to buy price is cheap.

[aiviaa485]

People are talking that DOGE wll touch 1$ this year they dont understand that it was just a rapid pump it will go down surely within some time.

1 DOGE to reach 1 USD is very far but if we discuss this it will definitely end if DOGE really touches that price.
It takes millions of dollars to reach the price you want and that is still a long way off but if anything can happen then I make sure Elon Musk has to hook Bill Gates to buy more DOGE, LOL
Indeed this will be a joke but I make sure this is not a joke but this is money if DOGE reaches 1 USD.