coinpedia.org
DOGE Volume Overtook Bitcoin and Ethereum on Binance
The Classic meme token Dogecoin had a very interesting day ever in history. The bull run was initiated in the past working day with nearly 50% jump, but the current surged has astonished the entire crypto space. The DOGE price had a monster rally of more than 800% and smashed the ATH at $0.07797 in the early trading hours.
The trading volume had a huge spike of 11,486.57% by touching $24,589,798,029 and a massive jump of 802.88% to attain $8,970,352,822. Interestingly, the trading volume of Dogecoin surpassed the volume of Bitcoin and Etheruem on Binance.
The volume had a massive surge of 26% attaining more than $15 billion in derivatives trading and nearly $3 billion in spot trading. Moreover, as per the analytics platform Coin98 Analytics, DOGE coins received the most attention ever on Twitter.
DOGE Price May Dump Hard
The magnificent DOGE price rally is expected to be short-lived and also crash hard. Some analysts like Lark Davis believe that the dump will be very hard as the music stops and cautioned to lock the profits at the right time.
However, the DOGE price surge has raised many eyebrows. The CEO and Founder of Nuggets News, Alex Saunders analyzed the reason behind the surge.
The dog coin with no team, no marketing & no roadmap went up in value $5B today. Why? A fake @WSBChairman account went viral after @elonmusk retweeted it. Just another day in crypto. 🐶🚀💰 $DOGE @dogecoin pic.twitter.com/HCVGfTvrXA
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 29, 2021
As per the CEO, a fake WSB Chairman account that mentioned DOGE went viral after the interpreted CEO Elon Musk retweeted it. And hence, the Dogecoin team has no other reason to surge as there is no team, no marketing, and no road map yet attained the market cap of more than $8 billion.