With trade volume up over 400%, Dogecoin is currently trading at $0.56 level. When DOGE crossed 50 cents, the increase in market capitalization helped DOGE flip XRP.
Why is DOGE different? In case institutions and retail traders aren’t taking memecoins seriously, DOGE has led a new rally, a memecoin rally. A new cultural phenomenon that is viral, influential, and community-based, and with DOGE’s market capitalization it has become real.
With a price rally of 30% in 24 hours, and crossing the psychologically significant 50-cent barrier, DOGE is now the 4th crypto-asset by market cap. Investing 1000$ in DOGE on January 1 of 2021 would be worth $115,576 today based on data from intotheblock.
How’s that for speculation? While traders continue to panic buy DOGE, other top meme coins like MEME, with trade volume up 40% in the last 24 hours, and [PPBLZ] Pepemon Pepeballs with price up over 14% in the last 24 hours, have caught traders’ attention.
Among other memecoins, another one has high trade volume and increasing demand across markets. MonaCoin’s trade volume is up 64% in the last 24 hours. These are top meme coins that retail traders have turned to, eyeing similar returns as DOGE in the future.
Retail traders are looking for factors that make DOGE a coin that should be taken seriously. YTD DOGE has added 700k new holders, addresses with a balance to a total of 3.7 Million. DOGE’s on-chain volume has increased by 35.5 times. It has hit $72824 Billion and the number of traders’ addresses is up 286 percent.
DOGE’s rally was primarily fueled by Musk’s tweets, however, that is not the case now. Leading a rally of meme coins, DOGE may not be as Galaxy Digital’s report describes it. Though the concentration of large Dogecoin HODLers is high, the number of active Dogecoin addresses has increased, 30-day moving average based on data from the report. This signals that the sentiment for Dogecoin is bullish among traders.
Another key metric shows that over 60% of Dogecoin’s supply has moved in the past year, that is high liquidity when it comes to an altcoin. Though other altcoins haven’t experienced the same, Dogecoin’s rally was largely driven by this and Doge is now leading a rally of memecoins.