The rise of Dogecoin in 2020 has seen it taken seriously as a听cryptocurrency player despite its jokey origins.听
DOGE’s trading volume now ranks it in the same category as听established digital assets听Bitcoin and Ethereum, having entered the听top four听coins by market cap this year. It is currently the sixth most valuable crypto.听听
According to data acquired by cryptocurrency trading simulator Crypto Parrot, DOGE was the third most-traded cryptocurrency on the largest digital asset exchange听Binance听with a volume of $116 billion in May.听听
Ethereum recorded the highest trading volume at $191bn, followed by听Bitcoin at $188bn.听
On the Huobi crypto exchange, DOGE also ranked third with a trading volume of $51bn, trailing second-ranked听Bitcoin by just $13bn. Ethereum also topped with a volume of $85bn.听
DOGE,听created to听parody the volatile听cryptocurrency market –听and based on a meme听– is currently valued at听$43bn with a token value of听34听cents.听听
Following a meteoric rise to 69c backed by Tesla entrepreneur Elon Musk听– which valued the currency at around $90bn –听it听has fallen dramatically in the last month.听
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Musk, also CEO of SpaceX,听has听tweeted听in recent weeks听that he听is “working with Doge听devs听to improve system transaction efficiency鈥�, labelling the currency听鈥減otentially promising”.听
He has also announced SpaceX’s next mission to the moon will听be funded听by听Dogecoin, a development that offers听the crypto its first formidable utility.听
“Generally,听Dogecoin’s tremendous trading volume on the two major exchanges indicates that the asset is competing against established cryptocurrencies,鈥� said the听Crypto Parrot report.听
鈥淥n听the flip side, analysts have warned that DOGE’s rally might be a bubble that will burst soon because the crypto has no proven utility and lacks a formidable support base.”听
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Cryptocurrency