Interest in Dogecoin reaches highest levels since 2017
The cryptocurrency market has risen by 60% in the past two months, reaching a capitalisation of $2T. Traders are looking for coins that ate moving higher than the market average. In the past 30 days, Cardano has seen its price increase by 140%, and Terra rose by 270%. But soon, Dogecoin could prove to yield the highest return as new market participants become interested in the asset.
Philip Gradwell from Chainalysis highlights the record-high interest in Dogecoin since 2017. The share of young investors holding the asset for less than six months grew from 9% to 25%.
This category of traders is the main driver of growth for the financial instrument, and its expansion indicates society's interest in Dogecoin. A report from the popular Robinhood platform backs this assumption: the last quarter was the first in the platform's history when most new clients preferred cryptocurrencies to equities.
Meanwhile, Dogecoin has accounted for 62% of cryptocurrencies' trading volume. The bet on cryptocurrencies has turned out to be a win for Robinhood: the revenues from this asset class have grown from $5M to $233M in one year, leaving other trading instruments in the dust.
Traders' return to Dogecoin has been marked on Coinbase, where the daily turnover reached $200M last week. The number of the network's daily users has hit 32,000.
The interest in Dogecoin is not speculative; many prefer it to other cryptocurrencies when making payments. The billionaire and owner of the Dallas Mavericks basketball team Mark Cuban has noted that 95% of sports merchandise available for sale for crypto is bought using Dogecoin out of the vast selection of crypto instruments.
The interest in Dogecoin is coming back despite Elon Musk taking a break. In the past 30 days, the coin grew by 67%, slightly ahead of the market average, which is very timid given its potential and the activity seen on the network.
The StormGain Analytical Group