©Reuters
Dogecoin, the cryptocurrency originally launched as a joke, has seen a significant resurgence in the cryptocurrency market. The price of Dogecoin increased by 2% on Monday.
Its trading volume for the month of February exceeded $100 billion, representing a considerable increase from previous months. This renewed activity made Dogecoin the seventh most traded cryptocurrency during the month.
The meme coin’s price increased 94% month-over-month, a notable rebound after a period of moderate performance throughout 2023. Last week, the coin’s trading volume 24-hour revenue saw an astonishing 2,300% increase from the beginning of February, from around $280 million to over $5 billion.
This growth has propelled Dogecoin to become one of the most traded coins in the crypto space.
In February, Dogecoin’s monthly trading volume reached $105 billion, placing it just behind Shiba Inu, which had a volume of $108.8 billion. The top five spots were occupied by Tether, Bitcoin, Ethereum, First Digital USD and USDC.
Despite trading at $0.161 last week, 70% lower than its all-time high from April 2021, Dogecoin doubled its market cap in just one month, from $11.3 billion to $22 .8 billion dollars. This jump allowed Dogecoin to rise to ninth place in the ranking of the top ten cryptocurrencies by market capitalization.
Dogecoin’s overall market performance suggests growing investor interest in meme coins.
Data from CoinMarketCap indicates that the largest meme coins by market capitalization, including Dogecoin, Shiba Inu, Pepe, and Bonk, all saw four-digit growth in trading volume last month.
Shiba Inu’s daily trading volume increased by 4,800%, Pepe’s by 3,500%, and Bonk’s by 2,400%, while Dogwifhat also saw significant growth.
Memes had a notable impact on trading volume rankings, with three meme-based cryptocurrencies making the list of top ten most traded cryptocurrencies in February. Shiba Inu took sixth place, Dogecoin seventh and Pepe rounded out the list, highlighting the sector’s growing importance in the digital asset market.
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