© Reuters
, the cryptocurrency that originally started as a joke, has seen a significant resurgence in the cryptocurrency market. Dogecoin price rose 2% on Monday.
Its trading volume in February exceeded $100 billion, a dramatic increase from previous months, according to AltIndex, which uses data from CoinMarketCap. This increase in activity has made Dogecoin the seventh most traded cryptocurrency of the month.
The price of the meme coin increased by 94% month over month, a notable rebound after a period of moderate performance throughout 2023. Last week, the coin's 24-hour trading volume saw a surprising increase of 2,300 % since early February, going from approximately $280 million to more than $5 billion.
This growth has propelled Dogecoin to rise in the ranking of the most traded coins in the crypto space.
In February, Dogecoin's monthly trading volume reached $105 billion, placing it just behind , which had a volume of $108.8 billion. The top five places were occupied by , , , First Digital USD and USDC.
Despite trading at $0.161 last week, 70% below its April 2021 all-time high, Dogecoin has doubled its market capitalization in just one month, rising from $11.3 billion to $22.8 billion. This jump has brought Dogecoin to ninth position in the ranking of the top ten cryptocurrencies by market capitalization.
The overall performance of the Dogecoin market suggests growing investor interest in meme coins.
Data from CoinMarketCap indicates that the largest meme coins by market cap, including Dogecoin, Shiba Inu, Pepe, and Bonk, saw four-digit growth in trading volume last month.
Shiba Inu's daily trading volume increased by 4,800%, Pepe's by 3,500%, and Bonk's by 2,400%, with Dogwifhat also showing significant growth.
Meme coins have had a notable impact on trading volume rankings, with three meme-based cryptocurrencies making the top ten most traded list in February. Shiba Inu ranked sixth, Dogecoin seventh, and Pepe rounded out the list, highlighting the sector's growing prominence in the digital asset market.
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