DOGE/USDT 15-minute price chart (Binance). Source: TradingView.com.
What was behind the fad around DOGE?
The meteoric rally of DOGE was fueled by posts and tweets from WallStreetBets traders on Twitter and Reddit. In truth, the tweet volume likewise soared to new record highs surpassing BTC for the very first time ever..
The fad around Gamestop (GME) moved over to Silver and DOGE as a result, causing enormous rallies in a brief period.
The suspension of trading GME on Robinhood also catalyzed the DOGE rally, industry executives say.
On Jan. 29, Robinhood suddenly stopped the trading of GME, triggering outrage amongst its users and a number of lawmakers.
Some think that the trading stop enraged many users and led them to turn their eyes to other properties. To name a few assets, lots of traders in the WallStreetBets (WSB) neighborhood were attracted by DOGE and Silver.
Mike Abundo, the committee chairman at Fintech Philippines, said:.
” If you had simply remembered that $DOGE was always the most popular memecoin on Robinhood, and figured out that Robinhooders blocked from memestocks would opt for a memecoin rather, you may be remarkably rich by now.”.
Almost instantly after DOGE saw its rally, Bitcoin saw a sudden surge as Elon Musk, the worlds richest man, included “Bitcoin” to his Twitter bio.
While Bitcoin more than likely rallied due to Musks unanticipated addition of the word “Bitcoin” to his bio, a few of the make money from DOGE might have likewise flown back into BTC to propel its price.
While some may think that DOGE is too small to impact the cost of a major cryptocurrency like Bitcoin, it quickly became the eighth-largest cryptocurrency on the planet.
Dogecoin (DOGE) briefly exceeded Bitcoin (BTC) in daily volume on Binance at over $5 billion on Jan. 29..
This is a very first for Dogecoin, and it took place as the cost of DOGE rose around eight-fold over night from $0.012 to over $0.08.
Dogecoin price and Sentiment. Source: TheTie.
With over $5 billion in daily volume, there suffices capital in DOGE trading that it could have a considerable impact on the short-term cost pattern of Bitcoin.
What takes place to DOGE next?
Some pseudonymous traders and experts believe DOGE might have one more add towards $0.01.
There is also a continuous meme about pushing DOGE to $1 on WallStreetBets and other related online forums. A trader referred to as “0x_Infinitum” said:.
” IMO $Doge still has another push. A huge one. Just huge enough for individuals to actually begin thinking the $1 meme. Thats when long-lasting community members will be made.”.
DOGE is considered a “memecoin,” its recent rally pressed its appraisal to over $7 billion. If DOGE rallies towards $1, it would make it the second-biggest cryptocurrency behind Bitcoin.
It already quickly surpassed Litecoin earlier today on Jan. 29 as its parabolic pattern continued. At the time of composing, DOGE cost is up roughly 340% in the previous 24 hours.
Title: Dogecoin trading volume hits $5B going beyond Bitcoins for the very first time ever.
Sourced From: cointelegraph.com/news/dogecoin-trading-volume-hits-5b-surpassing-bitcoin-s-for-the-first-time-ever.
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