Dogecoin began as a joke but has become in recent weeks a phenomenon in the cryptocurrencies market. Dogecoin (DOGE), the meme cryptocurrency, which emerged without an Initial Currency Offer (ICO) and a foundation to support it, has taken a relevant boost that helped it exceed 95% of the cryptos regarding daily trading volumes. Also, Dogecoin (DOGE) is now ranking 17th in the cryptocurrencies market.
According to the OnChainFx portal, Dogecoin (DOGE) maintained yesterday the second trading volume in the market, just behind Bitcoin (BTC). In this time, Dogecoin (DOGE) scored a trading volume of three times larger than Ethereum (ETH) and 20 times higher than Bitcoin Cash (BCH).
The value above refers to the volume of transactions as the sum of all operations belonging to the mined blocks on a given day, ignoring known outflows.
Dogecoin (DOGE) has experienced a 160% growth over the last month, which has caught the attention of every cryptocurrency enthusiast and analyst. The DOGE’s considerable increase was also debated by Canadian crypto expert Kevin Rooke, who stated that “Dogecoin may have started as a joke, but his community is now the envy of the cryptocurrency.”
Dogecoin (DOGE) is ranking 17th in the cryptocurrencies market
The recent surge of Dogecoin (DOGE) price and trading volumes boosted the cryptocurrency on the 17th position in the market, by market capitalization, surpassing more active cryptos such as Zcash (ZEC), VeChain (VET), NEM (XEM), or Tezos (XTZ).
At the time of writing, DOGE trades at $0.0064 and total market capitalization of $745,983,881.
Dogecoin (DOGE) was created by Jackson Palmer and Billy Markus and introduced in 2013 as a fork in the Litecoin (LTC) blockchain. Its logo shows a Shiba Inu dog, a breed famous because of the Internet meme “Doge.”
In January 2018, Dogecoin surpassed $1 billion in capitalization in the midst of the skyrocketing cryptocurrencies market. In June of this year, the Dogecoin (DOGE) community and the developers met in Vancouver, in Canada, to celebrate the creation of Dogecoin and discuss the present and future of the project. Apparently, their discussions paid off, at least for the moment.