Here are the numbers behind TikTok’s crazy Dogecoin moment

Quick Take

Dogecoin mania has hit the cryptocurrency industry
The Block takes a look at the numbers behind the rise

Much wow.

That's how some cryptocurrency traders are likely thinking of recent action in Dogecoin markets after a wild week for the meme crypto.

The price of the coin, originally founded as a joke, has soared as TikTok users attempt to pump it to $1 from its sub-penny price.

As the dust starts to settle, we take a look at some of the numbers behind what Bloomberg has called the "Dogecoin Challenge."

As the Doge mania gripped crypto markets, trading volumes among venues supporting the crypto soared to $27M—22 times the average daily trading volume in 2020. There was a 600% increase from July 6 to July 7.

Indeed, a spike in volumes has been coupled with a spike in searches, according Google Trends, which analyzes the popularity of top search terms over time. Google searches for "dogecoin" reached the top popularity score of 100 on July 7.

Source: Google, The Block Research

Visits to Dogecoin's Wikipedia page have also skyrocketed. Prior to Tuesday's spike, the page averaged approximately 730 views per day. Tuesday's view count hit 5,700.

Source: Wikipedia, The Block Research

Finally, Dogecoin's blockchain itself has felt the repercussions of the mania.

Value settled on the network hitting yearly highs of nearly $20M—close to seven times the average daily value settled on the network.

Source: Coin Metrics, The Block Research

Comments

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry. The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling. Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk ab...

Coinbase to Require Recipient Information for Crypto Transfers From Users in Canada, Singapore and Japan

Customers in those countries who send crypto outside their Coinbase accounts must provide recipients’ names, addresses and in some cases, additional information, as of early April. Cryptocurrency exchange Coinbase Global (COIN) will soon require its customers in Canada, Japan and Singapore who send cryptocurrency to another financial institution or exchange to provide the name, address and in the case of Japan, the destination wallet of the recipient. Coinbase has been sending notices to its customers in those countries that the changes will take effect in early April in order to comply with local travel rules in those places. Coinbase didn't immediately respond to requests for additional comment on the moves, but confirmed that they were taking place. The move does not seem to be going over well with Coinbase customers in those countries, who value the anonymity of transactions using cryptocurrency. According to a FAQ provided by Coinbase , for Canadian users, ...

Farm GRASS earn MONEY

Use your Unused Internet Bandwidth to make $$$ In today’s interconnected world, the concept of passive income has taken on new dimensions, offering innovative ways for individuals to monetize underutilized assets. One such groundbreaking avenue involves earning money by selling your unused internet connection. By participating in decentralized networks like Grass, individuals have the opportunity to turn their dormant bandwidth into a valuable asset, contributing to a fairer and more equitable digital landscape while generating income. Grass is a decentralized network sharing application designed to offer an alternative to existing centralized networks. It allows users to sell their unused bandwidth directly, without the need for exploitative middlemen. The platform operates by enabling users to download a web extension that runs in the background, assisting others in accessing public web data in exchange for payment using the protocol’s native token. How ...

Crypto Ethone

Search This Blog