{"id":478,"date":"2021-06-10T07:39:36","date_gmt":"2021-06-10T07:39:36","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=478"},"modified":"2021-08-11T17:21:46","modified_gmt":"2021-08-11T17:21:46","slug":"dogecoin-becomes-3rd-most-traded-crypto-may-2","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/06\/10\/dogecoin-becomes-3rd-most-traded-crypto-may-2\/","title":{"rendered":"Dogecoin Becomes 3rd Most-traded Crypto in May"},"content":{"rendered":"\n<p>Dogecoin (DOGE) is now the world\u2019s hottest and quirkiest cryptocurrency. Since emerging as a meme coin, the crypto that started as a joke in 2013, has risen since 2020 to compete with other established cryptocurrencies.&nbsp; <\/p>\n\n\n\n<p>In May, Dogecoin (DOGE) emerged as the third most-traded cryptocurrency on the world\u2019s largest crypto exchange, Binance, with a volume of $116 billion \u2014 not bad for a crypto that <a rel=\"noreferrer noopener\" href=\"https:\/\/www.wsj.com\/articles\/what-is-dogecoin-how-to-say-it-and-why-its-no-longer-a-joke-thanks-elon-11612820776\" target=\"_blank\">started as a joke<\/a>. <\/p>\n\n\n\n<p>Dogecoin\u2019s <a rel=\"noreferrer noopener\" href=\"https:\/\/cryptoparrot.com\/article\/interest-in-dogecoin-on-google-spikes-by-3-000-in-2021-led-by-the-us-and-turkey\" target=\"_blank\">tremendous rise<\/a>, according to data from Crypto Parrot, has seen the crypto ranking in the same category as Bitcoin and Ethereum. On Binance, Ethereum recorded the highest trading volume on the platform at $191 billion, followed by Bitcoin at $188 billion.&nbsp; <\/p>\n\n\n\n<p>Binance is not the only exchange DOGE is gaining a spotlight on. On the Huobi crypto exchange, Dogecoin also ranked third with a trading volume of $51 billion after Bitcoin by just $13 billion. Ethereum topped the chart with a trading volume of $85 billion. <\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"7efee5cf-5cf3-4922-87b3-75a93e39e3d9\" data-type=\"interactive\" data-title=\"Top 3 Cryptocurrencies by Trading Volume in May, 2021\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why is Dogecoin trading this high?<\/strong><\/h2>\n\n\n\n<p>While there might be many reasons, much of Dogecoin\u2019s rise can be attributed to the power and influence of influencers like Tesla CEO, Elon Musk. The proverbial \u201cdogefather,\u201d who can send crypto prices soaring or dipping with the stroke of a key, has been instrumental in Dogecoin\u2019s sudden surge.&nbsp; <\/p>\n\n\n\n<p>In February, Dogecoin prices rose ahead of Elon Musk\u2019s <a rel=\"noreferrer noopener\" href=\"https:\/\/www.theverge.com\/2021\/5\/8\/22421873\/elon-musk-snl-jokes-thud-why\" target=\"_blank\">SNL debut<\/a>, sank 15% after he said Dogecoin is \u201ca hustle\u201d on live TV, then <a rel=\"noreferrer noopener\" href=\"https:\/\/fortune.com\/2021\/06\/02\/dogecoin-market-cap-coinbase-pro-doge-price\/?utm_source=morning_brew#:~:text=Dogecoin%20now%20has%20a%20market,well%20above%20many%20of%20them.\" target=\"_blank\">popped again over 30%<\/a> in mid-May when he tweeted that he was working with Dogecoin developers.&nbsp; <\/p>\n\n\n\n<blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Working with Doge devs to improve system transaction efficiency. Potentially promising.<\/p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392974251011895300?ref_src=twsrc%5Etfw\">May 13, 2021<\/a><\/blockquote> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n\n\n\n<p>Dogecoin also gained special attention in May after Musk announced that Tesla would no longer accept Bitcoin as payment for vehicle purchases over climate concerns.  <\/p>\n\n\n\n<blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Tesla &amp; Bitcoin <a href=\"https:\/\/t.co\/YSswJmVZhP\">pic.twitter.com\/YSswJmVZhP<\/a><\/p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392602041025843203?ref_src=twsrc%5Etfw\">May 12, 2021<\/a><\/blockquote> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n\n\n\n<p>The crypto king said Tesla was looking for other energy-efficient cryptos, and many speculated that DOGE was the possible alternative, subsequently driving Dogecoin\u2019s interest through the roof. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Also Read: <a rel=\"noreferrer noopener\" href=\"https:\/\/ancstockinvestments.com\/blog\/2020\/09\/21\/fundamental-trading-when-buy-sell-hold-currencies\/\" target=\"_blank\">Fundamental Trading: When to Buy, Sell, or Hold Currencies<\/a><\/strong><\/h4>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What\u2019s the implication of Dogecoin\u2019s trading volume?<\/strong><\/h2>\n\n\n\n<p>Dogecoin\u2019s huge trading volume on the Binance and Huobi exchanges is an indication that the meme coin is competing heavily against established cryptos.&nbsp; <\/p>\n\n\n\n<p>While analysts believe DOGE\u2019s price surge might be a bubble that will burst soon, the coin is poised to surge further, especially as it\u2019s backed by celebrity support led by the Tesla boss, Elon Musk. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin (DOGE) is now the world\u2019s hottest and quirkiest cryptocurrency. Since emerging as a meme coin, the crypto that started as a joke in 2013&#8230;<\/p>\n","protected":false},"author":3,"featured_media":475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,10],"tags":[96,30,95,94],"series":[],"ppma_author":[463],"class_list":["post-478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-stock","tag-crypto","tag-cryptocurrency","tag-doge","tag-dogecoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dogecoin Becomes 3rd Most-traded Crypto in May<\/title>\n<meta name=\"description\" content=\"In May, Dogecoin emerged as the 3rd most-traded cryptocurrency on the Binance and Huobi exchanges, trading at $116 billion and $51 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