On 24 April at one point, Dogecoin (DOGE) saw more windings than Bitcoin (BTC). This shows that even Bitcoin and Ether (ETH) are struggling to recover, there is significantly strong demand for trading the Meme cryptocurrency.
Several trends and metrics such as social volume, trading volume and future-market liquidation indicate that DOGE remains one of the world’s most traded cryptocurrencies.
Large payouts mean that DOGE is truly in demand.
Although some metrics are often exaggerated, such as the daily volume in smaller bills, future market opening and settlement data are much more difficult to inflate.
Bybt.com claimed that DOGE positions were liquidated in more than $44 million in the last 12 hours.
Compared to that, Bitcoin saw $117.4 in liquidations, which suggested a relatively high trading interest around DOGE.
Data from CoinMarketCap also show that the volume of DOGE daily trading in all trade is greater than the majority of top cryptocurrencies.
DOGE’s daily volume in the last 24 hours was $11.5 trillion. During this same period, although the market capitalisation was bigger, Cardano (ADA), Binance Coin (BNB), and XRP saw a lower volume than DOGE.
The inflow of new entrants into the cryptocurrency market following the bull markets could lead to a large share of demand for DOGE.
A pseudonymous NYUU dealer said that most of these friends purchased cryptocurrencies last week.
No wonder that XRP and DOGE were the newly purchased cryptocurrencies. The merchant said:
“Each friend, this or last week, has purchased #cryptocurrencies. Most of it is very close to the high $XRP and $DOGE. All I tried to persuade 1-2 years ago that I would buy and gave up – now. Don’t know how much new money is left to go…”
In addition to the increased demand for DOGE by new investors entering the cryptocurrency area, data from TheTie demonstrate that DOGE’s social metrics are increasing.
The volume of social media often shows authentic importance in a cryptocurrency over a long period of time on Twitter and other media platforms.
Is DOGE going to see a steady upturn?
Analysts say that before a possible new leg is healthy the cryptocurrency market consolidating. An analyst focused on cryptocurrencies, John Street Capital said:
“$BTC is still +75% YTD and the consolidation in $DOGE and so on in parts of the market is healthy before the upward trend continues to grow. It also allows new corporate / ‘real money’ to rally in a more favorable environment for smaller altcos, like DOGE, if bitcoins and ethers comfortably consolidate over $50,000 and $2,200 respectively.