Due to a bearish trend within the crypto market, the trading volume of Dogecoin in the first quarter of 2022 was almost three times lower than in the first quarter of 2021.
Dogecoin, like most digital assets, is trying to resist the downtrend of the market in 2022, this after its achievements in May 2021.
According to research by Be[In]Crypto, the largest meme-inspired cryptocurrency by market capitalization saw a huge decline in trading volume in the first three months of 2022.
Indeed, Dogecoin trading volume during the first quarter of the year was around $77.51 billion.
This is a decrease of 66% compared to the volume recorded between January and March 2021, which amounted to approximately 228.27 billion dollars.
The crypto bear market caused trading volumes to plummet
The fall in investor interest in cryptocurrencies began in December 2021 and was aggravated by the Russia/Ukraine crisis in February. These issues can largely be attributed to falling crypto trading volumes during the first quarter of 2022.
In January 2021, Dogecoin trading volume was $69.17 billion, with a one-day peak of around $3.55 billion. Since January 2022 is still marked by the downward trend that began in December 2021, investor interest has waned. Thus, in the first month of 2022, DOGE’s trading volume was 33.52 billion dollars, with a peak for the day of around 5.78 billion dollars.
In February 2021, trading volume was $120.38 billion, with a one-day peak of $14.26 billion. A 33% drop followed over the following year, dropping the volume to $22.44 billion in February 2022.
Finally, in March 2021, DOGE’s trading volume stood at $38.71 billion with a daily peak of around $25.4 billion. In 2022, despite a slight recovery towards the end of the month, Dogecoin recorded a trading volume of approximately $21.55 billion with a one-day peak of $2.02 billion.
DOGE Course Reaction
Dogecoin opened on January 1, 2022 at a trading price of $0.1705, then reached a quarterly high of $0.2032 and closed the first quarter of the year at $0.1378.
Overall, there is a 19% decline between the opening and closing price of DOGE in the first quarter of 2022.
For comparison, the price of Dogecoin opened on January 1, 2021 at $0.004681, then reached a quarterly high of $0.08495 and closed the first quarter of 2021 at $0.05366.
Overall, this corresponds to a peak of 1,714% between the opening and closing price of the asset in the first quarter of 2021.
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