Here are the numbers behind TikTok’s crazy Dogecoin moment

Much wow. 

That’s what cryptocurrency traders and market observers are chalking up 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

Benefiting from the increase of Dogecoin searches is the cryptocurrency’s very own Wikipedia page, which saw page views skyrocket. Prior to Tuesday’s spike, the average page view on Dogecoin’s Wikipedia page was approximately 730 views. Tuesday’s view count of over 5,700 was nearly eight times as high as the average.

Source: Wikipedia, The Block Research

Dogecoin’s blockchain also benefited from the mania, with 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

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Here are the numbers behind TikTok’s crazy Dogecoin moment written by Frank Chaparro @ July 8, 2020 Frank Chaparro

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