Dogecoin (DOGE), a cryptocurrency that started off as a meme but was later on used in various community-driven donations, has recently seen its price surge, along with its trading volume.
The cryptocurrency, which uses a Shiba Inu dog as its go-to image, saw its price go from about $0.0025 o August 20, to $0.0055 at press time, after falling from a high of over $0.0063. In the last week, DOGE is still up 111%, according to CryptoCompare data.
Dogecoin’s rally was supported by its increasing trading volume which, according to available data, went from a low of little under $2,000 per 3-hour period to well over $20,000, an increase of about 900%.
The cryptocurrency is mostly traded against bitcoin, the flagship cryptocurrency, and against Tether’s USDT tokens. The cryptocurrency exchanges with the largest DOGE trading volumes include Gate.io, Bittrex, Poloniex, and HitBTC.
The cryptocurrency’s rise helped it become the 21st largest cryptocurrency by market cap, as it reached $650 million. Doge’s market cap is notably down from well over $2 billion in December of last year, when the cryptocurrency hit its all-time high of $0.019.
Update: This article previously erroneously attributed the price surge to a project our team is currently looking into.