• DOGE’s 24-hour trading volume exceeds $8 billion, nearly doubling Cardano’s

  • Dogecoin, the meme-inspired cryptocurrency, has gained new traction, with investors showing an increased interest in the coin over the weekend.

    The coin’s trading volume, which has reached $8.04 billion in the last 24 hours as of August 16, reflects the coin’s momentum. Notably, the trading volume is nearly double that of an established asset such as ADA. ADA had a trading volume of $4.94 billion during the same time period.

    In other news, despite increased interest in the coin, DOGE is still trailing ADA in terms of market capitalization. DOGE’s market cap was $44.74 billion in the previous 24 hours, while ADA’s was $69.18 billion.

    DOGE is the top gainer among the top cryptocurrencies.

    With the momentum, Dogecoin appears to be stable, having settled around the $0.3 mark. At the time of writing, Dogecoin was approaching the $0.4 mark, trading at $0.34, up 15.54 percent in the previous 24 hours. DOGE is the biggest gainer in the previous 24 hours among the top cryptocurrencies by trading volume.

    The DOGE rally may have attracted new investors, contributing to the high trading volume. However, in comparison to Cardano, ADA investors prioritize staking to earn rewards, resulting in a low trading volume.

    Notably, previous Dogecopin rallies have produced millionaires, and any rally presents an opportunity to profit. On May 4, 2021, for example, approximately 2,866 Dogecoin wallets each had a value of at least $1 million. The figure represents a 116 percent increase from April 23, when 1,321 wallets contained DOGE worth at least $1 million.

    DOGE has gotten a lot of attention lately.

    It could be argued, however, that the dogecoin momentum stems from the general cryptocurrency market movement, but this may not be the case.

    DOGE has seen increased activity in recent days as a result of the announcement that players from the English Premier League football club Watford FC will wear the Dogecoin logo on their jerseys. This is an important step forward for the DOGE community.

    On the same day, Dogecoin supporters began rallying in support of the coin on major social media platforms such as TikTok, Twitter, and Facebook using the hashtag #dogecointo1dollar.

    Historically, a price increase in Dogecoin has coincided with Tesla CEO Elon Musk’s tweets. Notably, when the Dogecoin price rallies in the absence of significant support, the cryptocurrency community is usually divided over the strength of the rally. However, the recent rally appears to have been well-supported.

    With network developments to improve the coin, Dogecoin appears to be on its way to becoming a serious cryptocurrency. Furthermore, DOGE’s listing on leading exchanges has given it a competitive advantage over leading assets such as ADA.

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