Dogecoin (DOGE), the largest meme coin, has become a leader on trading platform Robinhood. With his leadership, he surpassed Ethereum (ETH), Avalanche (AVAX), and meme coin rival Shiba Inu (SHIB). Here are the details…
SHIB, not ETH: DOGE is a leader in Robinhood
cryptocoin.com As we have also reported, Dogecoin is performing a very impressive price rally. According to the data, the meme coin is up almost 50 percent in the last week. This has made DOGE the profit leader. DOGE topped Robinhood’s top earners list. Thus, Ethereum (ETH) has surpassed Avalanche (AVAX) and its meme coin rival Shiba Inu (SHIB).
According to statistics, Dogecoin was the second highest earning coin among the top 100 coins by market capitalization. In the top 100, the meme coin surpassed Klay (KLAY), which rose 75 percent last week. This was also featured in Robinhood’s tweet. The trading platform, which is known for its recent entry into the crypto money field, shared the most rising coins among the cryptos on its platform, alongside the developments in the crypto money field this week. You can see the tweet above.
Details of Dogecoin rise: Elon Musk’s acquisition of Twitter
The entire crypto market has experienced corrections that saw cryptocurrencies pull back as much as 10 percent. Dogecoin also experienced this correction. However, DOGE has risen over the past few days, gaining over 40 percent over the past week. The trade volume also increased significantly during this period. In terms of market cap, Doge became the ninth largest crypto. With a price of roughly $0.089, it recorded the highest level since August. Below is a 14-day chart of DOGE’s price action:
According to CoinMarketCap, it saw $3.3 billion in trading volume in the last 24 hours. This means that more Dogecoins have been trading than Solana or Bitcoin Cash in the last 24 hours. In fact, all meme coins gained about 10 percent in the same time frame. The Doge has only experienced such intense trading activity three times in 2022. The first came when Elon Musk announced in January that he would accept DOGE as a payment method for Tesla transactions. The second was when it announced that it would acquire Twitter. The most recent was when Twitter accepted the offer in August.
After Musk took full control of Twitter yesterday, several executives left the platform, including CEO Parag Agrawal and CFO Ned Segal. Vijaya Gadde, head of legal, policy and trust, and general counsel Sean Edgett also resigned.
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