Dogecoin (DOGE), Cardano (ADA) Trading Volumes Soar, Here Are Potential Reasons

Prominent crypto trader and podcaster-interviewer Scott Melker has shared some interesting data on ADA and DOGE.

The screenshot he posted shows that over the past 30 days, just two cryptocurrencies on the top 30 list have shown a rise in trading volumes – the aforementioned ADA and DOGE.

Cardano’s native token’s volume went up nearly 16 percent, while the same metric for the original meme crypto DOGE made a surge of 42.72 percent.

There are only two coins in the top 30 right now that are seeing more trading volume than the average of the past 30 days.$ADA and $DOGE$ADA has 15.94% more volume than the 30 day average and $DOGE has 42.72% more. pic.twitter.com/yb7uz5YgDG

— The Wolf Of All Streets (@scottmelker) April 3, 2023

Potential reasons for this ADA and DOGE volume rise

As reported by U.Today recently, Cardano’s network has been expanding fast, adding more dev teams who are building on it (1,221 projects are being built on Cardano now, and there are 119 that have been released already), the transaction count soars, etc.

Besides, the major upgrade Hydra is on the horizon for Cardano. Earlier today, it was reported that over the past month, major whales had added 150 million ADA to their bags.

As for Dogecoin, it has demonstrated a price surge by over 13 percent over the past seven days. One of the factors that may have contributed to it is the sudden series of tweets from King Burger UK about Doge that may have led the meme token’s community to believe that the fast food giant might be interested in DOGE and not just flirting with the crypto community for their attention.

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