With its trading volume surging to remarkable heights, DOGE has reached a noteworthy milestone, highlighting the demand and potential of the dog-themed cryptocurrency in the constantly changing cryptocurrency market.
Trading Volume of Dogecoin Soars
With this impressive rise, Dogecoin’s daily trading volume has consistently increased over the last 24 hours, setting it apart from other well-known meme coins in the market. The cryptocurrency’s persistent efforts are now paying off, as it has risen to the seventh position in the market due to its relatively slow performance and growth trajectory since 2023.
Dogecoin made headlines when it surpassed the record-breaking trading volume of $100 billion in February, as reported by AltIndex, a tool for alternative equities and cryptocurrency statistics. The value of the cryptocurrency has increased significantly month over month, rising from a meager $280 million at the beginning of February to an astounding $5 billion. This has been achieved by a 94% price gain and a 2,300% growth in 24-hour trading volume.
According to CoinMarketCap data, Dogecoin’s total daily trading volume has reached over $2.87 billion, with a 28.85% increase in its 24-hour trading volume. Cryptocurrency has overtaken popular meme coins, such as Floki, PePe, and Shiba Inu, which have recently experienced significant market growth.
Dogecoin is now ranked ninth in 24-hour volume rankings, ahead of Shiba Inu (SHIB), Floki (FLOKI), Pepe (PEPE), and Shiba Inu (SHIB) at positions 11 and 13, respectively. The increase in trading volume indicates that traders and investors are again becoming interested in Dogecoin. This change in market sentiment has eventually made Dogecoin one of the best-performing cryptocurrencies in the market.
Dogecoin’s Future Price Breakout
DOGE is rapidly positioning itself to take the lead among the top gainers in the 2024 bull run, even though it still holds a prominent place among the top 10 most traded cryptocurrencies. The cryptocurrency experienced numerous price drops and sluggish growth in 2023, which made investors and market aficionados question its potential for expansion and its capacity to buck negative trends.
Crypto analyst Ali Martinez has rekindled interest in the cryptocurrency despite the pessimistic outlook for the industry, speculating that Dogecoin may reach a new all-time high of $1 by April. As of this writing, the cryptocurrency trades at $0.17, continuing its steady march to overcome significant resistance levels.
2024 presents several significant events that could trigger an altcoin rally, including the launch of Spot Bitcoin ETFs and the upcoming Bitcoin halving. Dogecoin is at the top of the list of altcoins that have successfully led the market’s prior bullish cycles; it reached an all-time high of $0.73 during the bull run in 2021.
Like Martinez, several other cryptocurrency analysts believe Dogecoin will soon surpass significant price barriers and hit $1.
