Dogecoin (DOGE/USD) price exploded this week surging more than 100% following a viral TikTok challenge urging users to invest in cryptocurrency. Following the surge, DOGE is now trading at $0.004610.
Trading volume for DOGE explodes by 2000%
The surge may not have any fundamental background and maybe whales who are exchanging the coins in thin liquidity. But the Dogecoin challenge on TikTok might have boosted the assets to see its price skyrocket. Similarly, trading volumes exploded making it among the most traded cryptocurrencies takingto October 2018 levels. Trading volumes surged over 2,000% in the last two days despite daily volume hovering around $5 million in the past two months.
Although Dogecoin has surged it is still far from the $1 target price that the challenge creators want to hit. Currently, the coin is ranked 26th among top cryptos in terms of a market cap according to CoinMarketCap. Since July 5, 2020, the token has outpaced 15 of its competitors that include Basic Attention Token (BAT), Compound (COMP), Aave (LEND) and Kyber Network (KNC).
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Crypto Exchanges expand support for DOGE
Big players in the cryptocurrency industry are capitalizing on the uptrend. For instance, Bitfinex which is one of the top cryptocurrency exchangeshas revealed that it will list DOGE on its platform in the form of an ETF-like product under the name “MegaDogecoin” (MDOGE). According to the exchange, one MDOGE will be converted at a rate of 1 million DOGE which is around $4500 as per the current prices.
Also, other exchanges are capitalizing on the uptrend with Okex and Binance indicating that they will expand their support for DOGE. For instance, Binance has indicated that it will unveil a DOGE/USDT perpetual contract offering up to 50 times leverage. The exchange plans to make the too available to traders on July 10, 2020, on its derivative platform, Binance Futures.
Okex on the other hand added support for Dogecoin on its spot margin trading and saving service section. The exchange will unveil a perpetual contract DOGE/USDT with 20 times leverage on July 10, 2020.
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