Cryptocurrency
Here are the numbers behind TikTok’s crazy Dogecoin moment
As reported on The Block, “Much wow. “That’s how some cryptocurrency traders are likely thinking of recent action in Dogecoin markets after a wild week for the meme crypto. The price of the coin, originally founded as a joke, has soared as TikTok users attempt to pump it to $1 from its sub-penny price. As […]
As reported on The Block, “Much wow.
“That’s how some cryptocurrency traders are likely thinking of recent action in Dogecoin markets after a wild week for the meme crypto. The price of the coin, originally founded as a joke, has soared as TikTok users attempt to pump it to $1 from its sub-penny price. As the dust starts to settle, we take a look at some of the numbers behind what Bloomberg has called the ‘Dogecoin Challenge.’
“As the Doge mania gripped crypto markets, trading volumes among venues supporting the crypto soared to $27M—22 times the average daily trading volume in 2020. There was a 600% increase from July 6 to July 7.
“Indeed, a spike in volumes has been coupled with a spike in searches, according Google Trends, which analyzes the popularity of top search terms over time. Google searches for ‘dogecoin’ reached the top popularity score of 100 on July 7…”