DOGE’s Trading Volume Reached $5B, Surpassing BTC

DOGE’s trading volume reached $5 billion which means it surpassed the one of Bitcoin for the first time ever. This movement came as the price of DOGE surged around 8x overnight from $0.012 to over $0.08 as we can see more in today’s Doge news.

The rally of DOGE was fueled by the posts and tweets from WallStreetBets traders on Reddit and Twitter. The tweet volume also surged to a new record surpassing the one of BTC for the first time ever.  The craze around GameStop moved to silver and Doge as a result which caused a huge rally in the short-period. The suspension of trading GME on Robinhood catalyzed the DOGE rally as the industry executives said.

Robinhood halted the trading of GME which caused outrage among the users and several lawmakers but some think that the trading halt made many users nervous and led them to turn their eyes to other assets while among others, many of the WallStreetBets community were attracted by the cryptocurrency. The chairman at Fintech Philippines Mike Abundo 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.”

Right after DOGE saw its rally, BTC saw a sudden surge when Elon Musk added  “Bitcoin” to his Twitter bio.  While BTC rallied because of Musk’s unexpected addition of Bitcoin to his bio, some of the profits from DOGE also flew back into BTC and boosted its price. while some think that DOGE is too small to affect the price of a cryptocurrency like BTC, it became the eighth biggest cryptocurrency in the world for a short while.

DOGE’s trading volume surpassed the one of BTC shortly with over $5 billion in daily volume and a lot of capital that could have a significant impact on the short-term price trend of BTC. Some traders and analysts believe DOGE could have one more run up to $0.01 but there’s also an ongoing meme about DOGE and its $1 price point, as trader 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.”