At some point on April 24th, more Dogecoin (DOGE) than Bitcoin (BTC) ended up. This shows that there is huge demand for cryptocurrency trading, even though Bitcoin and Ether (ETH) have struggled to recover.
Various trends and accounts such as social volume, trading volume and settlement in the futures market indicate that DOGE remains one of the most traded cryptocurrencies in the global market.
DOGE / USDT 15-minute rate table (Binance). Source: Tradingview.com
Large liquidations mean DOGE sees very strong demand
While some calculations, such as the daily volume of small exchanges, are often overrated, future interest rates and liquidation data are more difficult to balance.
Over the past 12 hours, more than $ 44 million in DOGE deals have been liquidated, according to Bybt.com.
By comparison, Bitcoin ended up at $ 117.4, indicating that interest in trading DOGE is relatively high.
Cryptocurrency settlement. Source: Bybt
CoinMarketCap data also shows that DOGE’s daily trading volume across all exchanges is higher than most of the leading cryptocurrencies.
In the past 24 hours, DOGE’s daily trading volume has reached $ 11.5 billion. During the same period, trading volumes in Cardano (ADA), Binance Coin (BNB) and XRP were lower than DOGE despite the higher market cap.
The driver behind most of the demand for DOGE could be an influx of new players into the cryptocurrency market after the beef market.
A NYU trader said most of his friends bought a cryptocurrency last week.
Not surprisingly, XRP and DOGE cryptocurrencies have been bought recently. The merchant said:
It turns out that all of my friends bought #cryptocurrencies this week or last week. Basically, XRP and $ DOGE are very close to the highs. Everyone I tried to persuade to buy it a year or two ago and gave up, is now in the game. I’m sure how much new money is left to put in … ”
In addition to the growing demand for DOGE from new investors entering the cryptocurrency region, TheTie’s data shows that DOGE’s social performance is on the rise.
30-day average moods versus long-term moods (DOGE). Source: TheTie
Social media volume often shows genuine interest in cryptocurrency on Twitter and other social media platforms over a long period of time.
Will DOGE see this trend continue?
Analysts say the cryptocurrency market will consolidate ahead of a major potential new recovery.
John Street Capital, a cryptocurrency analyst, said:
It’s still $ BTC + 75% since the start of the year, and given the increase in some parts of the market with the moves in $ DOGE etc., consolidation remains good until the trend resumes. It also allows for new business / “real money”
If Bitcoin and Ether continue to merge comfortably above $ 50,000 and $ 2,200, respectively, it could create a better growth environment for alternative digital currencies such as DOGE.