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Dogecoin Surges Eight-Fold Within 24 Hours, Trading Volume Touches $5 Billion

As the price of DOGE surged eight-fold within a day, the volume of Dogecoin surpassed Bitcoin’s on Binance.

Dogecoin briefly surpassed Bitcoin in daily volume on Binance at over five billion USD on 29th January.

Gamestop, Silver, and Dogecoin (DOGE) 

This is a first for Dogecoin, and it happened as the price of DOGE surged around eightfold overnight from $0.012 to over $0.08.

The meteoric rally of DOGE was fueled by posts and tweets from r/Wallstreetbets traders on Twitter and Reddit. In fact, the tweet volume also soared to new record highs, surpassing BTC for the first time ever.

The craze around GameStop (GME) moved over to silver and DOGE as a result, causing massive rallies in a short period.

Robinhood, Binance, and Wallstreetbets

The suspension of the trading of GME on Robinhood also catalyzed the DOGE rally, industry executives say.

On 29th January, Robinhood abruptly halted the trading of GME, causing outrage among its users and several lawmakers.

Some theorize that the trading halt enraged many users and led them to turn their eyes to other assets. Among other assets, many traders in the r/Wallstreetbets community were attracted by DOGE and silver.

Almost immediately after DOGE saw its rally, Bitcoin saw a sudden surge as Elon Musk, the world’s richest man, added “Bitcoin” to his Twitter bio.

While Bitcoin most likely rallied due to Musk’s unexpected addition of the word “Bitcoin” to his bio, some of the profits from DOGE could have also flown back into BTC to propel its price.

What do you think about the price movement in DOGE? Let us know in the comments below!

Image by Comfreak from Pixabay

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