Crypto News

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 (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 

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...

Featured Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...