According to the on-chain data analyzing firms, Dogecoin (DOGE) recently experienced a significant price surge due to its recent enlisting on a crypto-exchange. Dogecoin (DOGE) was reportedly enlisted on Coinbase Pro, one of the largest cryptocurrency exchanges in the entire crypto-verse in terms of the trading volume.
The enlistment of DOGE on Coinbase Pro brought so much influx to the exchange that it turned violent. Right after the enlisting, the Dogecoin (DOGE) blockchain experienced a surge in the inbound volume in the form of USD.
According to the on-chain data analyzing firms, Dogecoin (DOGE) blockchain experienced $47 billion worth of influx. The firms have revealed that the particular volume was experienced on a single day, Thursday, June 3, 2021. This means that the Dogecoin (DOGE) blockchain experienced a 690% increase in terms of daily traded volume as compared to the last week.
As a result, Dogecoin (DOGE) experienced a 40% surge with respect to its price on a single day (Thursday). Shortly after the announcement, Coinbase Pro revealed that the users would be able to deposit Dogecoin (DOGE) from their personal wallets to Coinbase Pro wallet on Tuesday, June 2, 2021.
Coinbase Pro had also revealed that the users would also be able to start trading in Dogecoin (DOGE) start Thursday, June 3, 2021. Since then, the trading volume for Dogecoin (DOGE) through the Coinbase Pro platform has only experienced a surge.
Coinbase Pro had also announced the names of the pairs the users would be able to trade DOGE with. According to Coinbase Pro, it has launched five trading pairs for DOGE and plans on adding more pairs based on the liquidity of the assets.
Right after a day of being launched on Coinbase Pro exchange, DOGE/USD came right after ETH, BTC, and MATIC, as the fourth largest trading pair.
In the last 24-hours, Dogecoin (DOGE) has observed $185 million worth of trades, according to an on-chain data analyzing firm. Right after Dogecoin (DOGE) gained enough growth and dominance in the market, its price experienced an 18% drop. Since then, the price of Dogecoin (DOGE) went from $0.43 down to $0.36.
Ever since Dogecoin’s launch through the Coinbase Pro exchange, the DOGE blockchain has experienced a huge flow of dollars all across its platform. In a matter of five days, the volume of dollars flowing through the blockchain surged from $6 billion all the way up to $47.5 billion. This is a 690% increase in the volume of USD flow on the DOGE blockchain.
Right when DOGE experienced a surge in terms of USD flow, Dogecoin (DOGE) also experienced a surge in terms of average transaction volume. The stats show that the average transaction volume on the DOGE blockchain climbed from $313,000 all the way up to $1.7 million. On the other hand, the number of transactions being processed at a particular time did not show much change at all.