Dogecoin trading in Turkey has exceeded the volume of Bitcoin and Ethereum
by FARUK IMAMOVIC | VIEW 1142
Turkish citizens are using Dogecoin (DOGE) and the meme coin is becoming the most traded asset in recent times. Data on the volume of trading in the last 30 days from the 3 best exchanges show that meme coin experienced a turnover of over 380.3 million dollars.
That's more than the trading volume of BTC and ETH combined. The latter two collected trading volumes of 154.4 million dollars and 142.6 million dollars, respectively. The three exchanges that were tested are BTCTurk, Bitexeni Bitexlive.
Dogecoin has seen a significant jump in price, largely due to Elon Musk taking over Twitter. Musk is known to support Dogecoin and even recently posted a related photo. DOGE fell from its great height and probably some Turks were hoping to make money at the pump.
Cryptocurrencies are popular among Turkish citizens, although the country's leaders have been far more reserved. The country has faced high inflation, and this could be one of the reasons for the growth of investment in crypto.
Turks turn to Dogecoin as lira continues to fall
Crypto investments in Turkey surged in 2022, with Turks using the crypto market as a hedge against the Lira. The country's currency is experiencing great stress due to the economic crisis.
The use of electric scooters highlights The continuous fall of the Lira has pushed the Turks into the crypto market. High inflation has done the same, and this is also visible in countries like Argentina and Venezuela. These counties also saw an influx of investment as their currencies fell.
Turkish President ErdoÄan, speaking at a recent summit, said blockchains had valuable use cases such as supply chain management. He also said that Turkey will create its own metaverse and that it is also launching the e-Human project.
Turkey joins countries like South Korea and Japan in announcing web3 initiatives. ErdoÄan also advised against investing in crypto. Regulators are also making efforts, with new amendments related to AML and KYC recently introduced. A country banned from crypto payments in 2021.