- Dogecoin has been in the news after a user posted a viral video under the hashtag #DogecoinTiktokChallenge to raise Dogecoin’s price to $1.
- Jason Williams, the co-founder of Morgan Creek Digital, has shown his appreciation towards the cryptocurrency and asked Twitter for the Dogecoin emoji.
- At the time of composing, Dogecoin was trading at almost $0.003978, with a decrease of 9.39% in the last 24 hours.
For the last few days, Dogecoin (Doge) has been in the news after a user named jamezg97 posted a viral video under the hashtag #DogecoinTiktokChallenge to raise Dogecoin’s price to $1. As of now, the video has already gained over 800,000 views on the platform. Jason Williams, the co-founder of Morgan Creek Digital, has shown his appreciation towards the cryptocurrency and asked Twitter for the Dogecoin emoji.
— Jason Williams ? (@JWilliamsFstmed) July 9, 2020
Interest Among Popular Investors Increasing
The Dogecoin challenge has triggered the entire crypto community, and people are investing in Dogecoin. At the time of composing, Doge priced at almost $0.003978, with a decrease of 9.39% in the last 24 hours.
However, the week’s highest was $0.005218 on June 9th, which was almost up by 56% since the offset of viral video. Jason Williams’ recent interest means that the interest among investors and popular personalities are increasing by the sudden turnaround of Dogecoin.
Binance, OKEx, and Bitfinex Announces New Dogecoin Trading Schemes In their Platform
The challenge has led to a positive trend in Dogecoin’s market as it has pushed DOGE to become the 26th largest cryptocurrency in the market. Dogecoin has almost overtaken Compound (COMP), Basic Attention Token (BAT), Kyber Network (KNC), and Aave (LEND). Since July 5th in terms of market capitalisation. Dogecoin isn’t a meme coin anymore. Moreover, three big crypto exchanges have launched derivative contracts to support the popularity of Dogecoin.
In a recent tweet by Binance, it has announced that it will launch perpetual contracts on DOGE/USDT with leverage up to 50 times. Seeing this, OKEx also added the perpetual option contracts on DOGE/USDT with leverage up to 20 times. Furthermore, Bitfinex over Twitter had announced that Dogecoin would be available as Megadogecoin (MDOGE) with a conversion rate of up to 1 million. The value of MDOGE will be approximately $4,640.
Trading Volumes Explode
As of now, the Dogecoin market capital is somewhat around $498.66 million, and the daily trade volume $320.48 million. Consequently, the trade volumes in the platforms that have supported Dogecoin’s popularity surged by $27 million. This is a big milestone because, before the viral video, there was almost no change in trade volumes. Now it is 22 times more than the average trade volumes in 2020. And in just 24 hours, Dogecoin’s trading volumes went as high as 600% on June 7th.