According to a report launched by world crypto alternate Currency.com yesterday, DOGE/USD buying and selling volumes and the quantity of traders buying and selling the pair have significantly decreased in June.
According to the report, DOGE buying and selling quantity decreased by 51% whereas the quantity of traders buying and selling the DOGE/USD dropped by 57%. This is opposite to the month of May when DOGE was one of the highest traded cryptocurrencies after Bitcoin, Ethereum, and Litecoin.
Dogecoin has been performing effectively particularly due to the latest interactions with SpaceX and Tesla CEO, Elon Musk, who not too long ago stated that he’ll proceed supporting the meme-coin regardless of a $258 billion lawsuit towards him and his firm. But within the month of June, the meme-coin appears to have run out of steam with traders turning to cryptocurrencies with larger market caps to avert threat because the market continues to be more and more unstable.
Commenting on the report, the Currency.com LLC, US CEO, Steve Gregory stated:
“This may suggest that traders are seeing a bottom for DOGE and favoring the safety of larger market cap coins like Bitcoin (BTC) and Ethereum (ETH). As we approach the end of June, $2.5B in open interest of BTC options expired last week bringing volatility across the asset class. All eyes will be on the next meeting of the Federal Reserve and with current indications pointing to a possible increase in the interest rate, it’s likely that risk assets like cryptocurrency could continue to slide. Typically, crypto is the first to sell-off, followed by the wider global equities markets.”
BTC, ETH, and LTC are the highest traded coins
According to the report, BTC/USD, ETH/USD, and LTC/USD retained the highest three spots respectively as probably the most traded cryptocurrencies on Currency.com.
It was additionally famous that extra traders are promoting bitcoin; one thing that might imply die-hard ‘Hodlers’ has grown weary.
However, traders appear to be extra glad with Ethereum regardless of the present market volatility and Gregory had this to say concerning the coin:
“With the Ethereum ‘merge’ just a few months away and a major daily supply drop in ETH issuance, we see these as possible catalysts that pull the asset class out of its downward trend.”