Dogecoin volumes surpass Bitcoin and Ethereum in the last month
Residents of Turkey have traded over $380 million in Dogecoin in the last 30 days. This is more than both Bitcoin and Ethereum volumes combined.
Turkish citizens are taking to Dogecoin (DOGE), with the meme coin becoming the most traded asset in recent times. Trading volume data over the last 30 days from the top 3 exchanges shows that the meme coin has been traded over $380.3 million.
This is more than the trading volume of BTC and ETH combined. The latter two combined trading volumes of $154.4 million and $142.6 million, respectively. The three exchanges that were investigated are BTCTurk, Bitexen and Bitexlive.
Dogecoin has seen a remarkable rise in price, largely due to Elon Musk’s takeover of Twitter. Musk is known to be a fan of Dogecoin and even posted a related image recently. DOGE fell from its great height, and it is likely that some Turks hoped to cash in on the pump.
Cryptocurrencies are popular among citizens in Turkey, although the country’s leaders have been far more reserved. The country has faced high inflation and that could be one of the reasons behind the growth in crypto investments.
Turks turn to Dogecoin as lira continues to fall
Crypto investments in Turkey surged in 2022, with Turks using the crypto market as a hedge against the lira. The country’s currency has experienced a lot of stress due to an economic crisis.
The lira’s steady decline has pushed Turks into the crypto market. High inflation has done the same, and this is also observable in countries such as Argentina and Venezuela. These counties have also seen an influx of investment as their currencies have depreciated.
Turkish President Erdoğan spoke at a recent summit, saw it blockchains had valuable use cases such as managing supply chains. He also said that Turkey would create its own metaverse and is also launching an e-human project. Turkey joins countries such as South Korea and Japan in announcing web3 initiatives.
Erdoğan also advised against investing in crypto. Regulators have also made an effort, with new changes related to AML and KYC recently introduced. The country banned crypto payments in 2021.
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