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Dogecoin (DOGE) seen on the 24th. April at one point more liquidations than Bitcoin (BTC). This suggests that demand for cryptocurrency membrane trading is very high, even as bitcoin and Ether (ETH) struggle to recover.

Various trends and metrics, such as social volume, trading volume and liquidation on the futures market, show that DOGE remains one of the most traded cryptocurrencies on the global market.

DOGE/USDT 15 minutes price chart (Financials). Source: Tradingview.com.

New altcoin era? Dogecoin liquidations briefly surpass Bitcoin

Large liquids mean that DOGE sees very large demand

While some indicators, such as daily volume on smaller exchanges, are often overestimated, data on open futures markets and liquid trades are much harder to overestimate.

According to Bybt.com, over $44 million worth of DOGE positions have been liquidated in the last 12 hours.

By comparison, bitcoin sold at $117.4, suggesting that trading interest around DOGE remains relatively high.

Liquidation of cryptocurrency. Source: Bybt

New altcoin era? Dogecoin liquidations briefly surpass Bitcoin

CoinMarketCap’s data also shows that DOGE’s daily trading volume on all exchanges is higher than most major cryptocurrencies.

The DOGE recorded a daily trading volume of $11.5 billion over the last 24 hours. During the same period, Cardano (ADA), Binance Coin (BNB) and XRP had lower trading volumes than DOGE, despite large market cap.

Much of the demand for DOGE could come from the influx of new players into the cryptocurrency market after the bull market.

A pseudonymous trader known as NYUU said most of his friends bought cryptocurrencies last week.

Not surprisingly, cryptocurrencies like XRP and DOGE have been bought lately. The trader said:

Turns out all my friends bought #cryptocurrency this week or last week. Basically, $XRP and $DOGE are very close to the top. Everyone I tried to persuade to buy a year or two ago and gave up is now in business. I don’t know how much new money is out there. ….

In addition to growing demand for DOGE from new investors entering the cryptocurrency space, TheTie’s data shows that social metrics for DOGE are on the rise.

Average 30-day sentiment versus long-term sentiment (DOGE). Source:  The Annex

New altcoin era? Dogecoin liquidations briefly surpass Bitcoin

Social media volume often shows that there is genuine interest in cryptocurrencies on Twitter and other social media platforms for a long period of time.

Will DOGE continue its upward trend?

According to analysts, the cryptocurrency market is consolidating before a potential new leg up is healthy.

John Street Capital, an analyst focused on cryptocurrencies, said:

The $BTC is still +75% year to date and given the frothy parts of the market with the $DOGE moves etc….. Consolidation is healthy before resuming the upward trend. It also creates new business/real money.

If Bitcoin and Ether continue to consolidate comfortably above $50,000 and $2,200 respectively, that could create more favorable conditions for small altcoins like DOGE to recover.

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