Dogecoin trade volume surpasses Pepe Coin and Shiba Inus; $1 soon?

 



The transaction volume of Dogecoin (DOGE), the original memecoin, has increased. The majority of the activity was caused by huge wallets, or whales. Compared to Shiba Inu (SHIB) and Pepe Coin (PEPE), DOGE's transaction volume was significantly higher. Fans and investors of DOGE can now breathe a sigh of relief after the asset experienced a recent rise in volume and price.

The amount of significant trades reached $1.06 billion on May 28, as a result of DOGE whale activity, strengthening the confidence of holders. On-chain activity has decreased for Shiba Inu and PEPE, which in April and May became DOGE's major competitors.

In addition, 50% of Dogecoin (DOGE) owners are making money, claims IntoTheBlock. Nevertheless, 46% of holders are still in the red, while 4% have turned a profit. Data from IntoTheBlock also revealed that while network growth has slowed by 0.16%, the number of persons in profits has climbed by 4.24%.


Doge (DOGE) will it ever reach $1?

A rise of 1263.83% from its current levels would be required to reach $1. Even while this number is significant, it has not yet been accomplished. DOGE was selling at $0.071024, which is extremely similar to its current price, on April 13, 2021. However, on May 8, roughly 4 weeks later, it reached an all-time high of $0.731578, which is still far less than the $1 threshold. However, DOGE still has a chance to hit its $1 objective.

Despite this, not much is occurring that could raise the value of the original memecoin to new heights. Even the most prominent backer of Dogecoin (DOGE), Elon Musk, has stated that it is not advisable to place all of one's investments in the cryptocurrency with a dog motif. Musk has, however, said that he would be open to Twitter's eagerly awaited payments feature accepting DOGE. However, we have no confirmation of this. It would appear possible that DOGE may reach $1 if it is allowed on Twitter. Apart from that, there isn't much to help the asset move forward. At the time of publication, DOGE was trading at $0.073323, up 1% over the previous day.

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