Dogecoin's Monthly Trading Volume Skyrocketed to Over $100 Billion

By AltIndex Research · 3 min read · March 10, 3:44 pm

After a sluggish performance throughout 2023, Dogecoin is enjoying renewed interest in the crypto market, which pushed its price and trading volume way above last year's levels.

According to data presented by AltIndex.com, the popular meme coin has seen its price jump by 94% month-over-month, while its trading volume hit over $100 billion in February.

The Seventh Most-Traded Crypto in February

Dogecoin's refreshed popularity follows a pretty rough year for the popular meme coin. After the crypto winter, meme coins, which add a layer of risk, have seen their values and the number of investors drop. While many managed to bounce back, Dogecoin continued struggling with its community not giving it enough momentum to drive its price back to 2021 levels.

However, not only did that change in the first months of 2024, but Dogecoin cemented its position as the top performer among major cryptos, outpacing the competition in percentage gains. According to CoinMarketCap data, Dogecoin's 24-hour trading volume skyrocketed by a whopping 2,300% month-over-month, jumping from roughly $280 million at the beginning of February to over $5 billion last week. The impressive four-digit growth has helped the meme coin climb the chart of the most traded coins in the crypto space.

Statistics show Dogecoin's monthly trading volume hit $105 billion in February, ranking as the seventh most-traded cryptocurency. Shiba Inu was one spot above with $108.8 billion in 30-day trading volume, while Tether, Bitcoin, Ethereum, First Digital USD, and USDC took the first five spots on the list.

Last week, Dogecoin was traded at $0.161, still 70% below its all-time high in April 2021. Nevertheless, the meme coin doubled its market cap in just a month. At the time of writing, DOGE boasted a market cap of $22.8 billion, up from $11.3 billion in February, helping it to rise from the 10th to the 9th position on the list of top ten cryptos.

Three out of Ten Most-Traded Cryptos in February Were Meme Coins

Dogecoin's fantastic market performance demonstrates the growing investor interest in this meme coin. Also, its price and trading volume spike aligns with a broader trend of meme coins coming into the crypto market's spotlight again.

The CoinMarketCap data show the largest meme coins by market cap, Dogecoin, Shiba Inu, Pepe, and Bonk all saw four-digit trading volume growth last month. Shiba Inu's daily trading volume skyrocketed by a whopping 4,800%, rising from $83.1 million in February to $4.1 billion last week. Pepe saw the second-largest increase of 3,500%, with its 24-hour trading volume spiking to over $3 billion last week. Bonk and Dogwifhat follow with 2,400% and 844% month-over-month increases, and $1.1 billion and $373 million in daily trading volumes, respectively.

Also, three of the ten most traded cryptos in February were meme coins. Shiba Inu ranked sixth with $108.8 billion in monthly trading volume, one place before Dogecoin. Pepe was last on the list, with a 30-day trading volume of almost $70 billion.