Dogecoin's trading volume has skyrocketed. How high can it go?
If Dogecoin's daily trading volume can reach $50 billion, how high can it go?
Dogecoin, the first coin to become popular due to jokes, has a large price fluctuation, which is closely related to the trading volume. Once the trading volume goes up, the price will easily take off.
Looking at historical data, every time Dogecoin (DOGE) increases in price, the trading volume also increases. So, if DOGE's trading volume really reaches $50 billion one day, we can guess what will happen.
Back in May 2021, the price of Dogecoin hit a high of $0.73, and the trading volume also exploded at that time, reaching $46 billion a day. This is all because of the high enthusiasm of retail investors, celebrity endorsements (such as Elon Musk's tweets), and the whole market going crazy. At that time, Dogecoin's market value exceeded $98 billion, becoming one of the top cryptocurrencies.
However, the good times did not last long. Once the price fell, investors ran away, and the trading volume also fell. Now, the average daily trading volume of Dogecoin is 3.5 billion US dollars.
However, a while ago, the price of Dogecoin rose by 177% from 0.1582 US dollars to 0.4385 US dollars. At that time, the trading volume exceeded 19 billion US dollars, and one day it reached 39.9 billion US dollars.
The current price of Dogecoin is about 0.3945 US dollars, and the daily trading volume is 8.7 billion US dollars. Compared with that time in 2021, the impact of trading volume on price is still very large.
With a large trading volume, everyone pays attention, and liquidity is strong, the price is easy to fluctuate, especially for assets like Dogecoin that are easy to speculate.
Although the price still depends on supply and demand, we can estimate that if the trading volume is really 50 billion US dollars a day, the price of Dogecoin may rise to 1.23 US dollars.
In this way, the market value of Dogecoin will be 212 billion US dollars, making it one of the most valuable cryptocurrencies. However, this depends on everyone's continued attention and investment.
If you always miss the mark and don’t know how to operate, you need to meet one condition if you want to keep up with the learning: you need to be proactive and do what you say. Like + leave a message, and I will help you make a lot of money!
