Before January 2021, only a handful of users knew about the existence of Dogecoin (DOGE). That is when the Dogecoin (DOGE) army on Reddit decided to rally on the digital asset and dramatically increase its demand. They started buying DOGE on a large scale, which led many other cryptocurrency investors to rally on the platform.
Since then, Dogecoin (DOGE) had been flying high in the cryptocurrency market. It even managed to surpass the top two largest cryptocurrencies in the crypto-space; Bitcoin and Ethereum. Therefore, the meme coin also ended up catching the eye of mainstream institutions and investors.
From the beginning of January 2021 until April 2021, Dogecoin (DOGE) gathered enough prominence that it surpassed BTC and ETH. At a certain point in time in 2021, the daily transaction volume demonstrated by DOGE surpassed that of BTC and ETH.
However, the bullish run and high rally of Dogecoin (DOGE) appears to have slowed down. As of now, the price of DOGE has started experiencing a downward trend and it is also losing the interest of investors.
Just like the rise in the price of Dogecoin (DOGE) since the beginning of 2021, the trading volume on the DOGE blockchain has also experienced ad growth. Its daily trading volume had been experiencing constant growth and it continued gaining huge rallies until now.
Back on May 5, 2021, the amount of DOGE being transferred from wallet to wallet in the form of USD went all the way up to $82 billion. On the other hand, the wallet-to-wallet volume of BTC and ETH in the form of USD only came to $35 million and $12 billion respectively on the same day.
By outperforming the two largest digital assets and blockchains in the entire crypto-space, DOGE made its presence known in the entire crypto-industry. Surprisingly, the daily trade volume of Dogecoin (DOGE) back in December 2020 was just $10 million.
After experiencing an all-time high for more than five months, the rally on Dogecoin (DOGE) is finally coming to an end. It seems that the investors and the Dogecoin (DOGE) whales are finally getting tired.
The data shows that as of Wednesday, May 26, the daily trading volume on the Dogecoin (DOGE) blockchain was just $5 billion. This means that the daily trading volume on DOGE has decreased by 93% versus May 5, 2021.
On the other hand, the average transaction value of the DOGE transactions recorded on Wednesday, May 26, 2021, was just $240,000. On the other hand, the average transaction volume for Dogecoin (DOGE) back on Sunday, May 23, 2021, was $1.16 million. This goes to show that the average transaction volume for Dogecoin (DOGE) has experienced an 80% drop in a matter of 3 days.