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Dogecoin has achieved a significant milestone, with its trading volume skyrocketing to impressive heights, emphasizing the growing popularity and increasing potential of the doggy-themed cryptocurrency in the ever-evolving crypto landscape.
Dogecoin Trading Volume Soars
Over the past 24 hours, Dogecoin has witnessed a consistent surge in its daily trading volume, marking a remarkable increase that places it ahead of prominent meme coins in the space. Despite experiencing a rather sluggish performance and growth trajectory since 2023, the cryptocurrency’s resilient efforts are finally bearing fruit, elevating it to the position of the seventh most traded cryptocurrency in the market.
As highlighted by AltIndex, an alternative stocks and crypto data tool, Dogecoin achieved a noteworthy milestone by reaching a total trading volume of $100 billion in February, surpassing the previous year’s record. The cryptocurrency has witnessed a substantial 94% price increase and a 2,300% surge in 24-hour trading volume month over month, jumping from a modest $280 million at the start of February to a whopping $5 billion in just over a month.
Presently, CoinMarketCap data reveals that Dogecoin’s 24-hour trading volume has recorded an increase of 28.85%, pushing its overall daily trading volume to more than $2.87 billion. The cryptocurrency has surpassed trending meme coins like Shiba Inu, PePe and Floki, which have witnessed substantial market gains recently.
In 24-hour volume rankings, Dogecoin currently holds the 9th position, with Shiba Inu (SHIB) at 11th, Floki (FLOKI) at 13th and Pepe (PEPE) at the 15th spot. This uptick in trading volume underscores a renewed interest among investors and traders, signaling a shift in market sentiment that has ultimately propelled Dogecoin among the top-performing cryptocurrencies in the industry.
Dogecoin Price Break Out On The Horizon
While it maintains a significant position among the top 10 most traded cryptocurrencies, Dogecoin is steadily preparing to secure another prominent spot among the leading gainers in the 2024 bull run. In 2023, the cryptocurrency faced multiple price declines and stagnant growth, prompting investors and market enthusiasts to doubt its growth prospects and ability to break out of bearish trends.
Despite the dreary market sentiment, crypto analyst Ali Martinez has reignited enthusiasm for the cryptocurrency, suggesting that Dogecoin could hit a new all-time high of $1 by April. At the time of writing, the cryptocurrency is trading at $0.17, maintaining a steady ascent to cross through critical resistance levels.
It’s important to mention that 2024 presents key elements, such as the Spot Bitcoin ETFs and the upcoming Bitcoin halving, that could trigger an altcoin run. Among the top altcoins which have effectively taken charge of the market’s previous bullish cycles, Dogecoin stands at the forefront, recording an all-time high of $0.73 during the bull run in 2021.
Including Martinez, other crypto analysts share a similar sentiment, predicting that Dogecoin could finally break through crucial price resistance to reach $1 soon.
Featured image from BitcoinWorld, chart from Tradingview.com
