XRP, DOGE and Others Dominate as Alts See Record $300B Volume

Altcoins are witnessing a remarkable surge in market activity, led by Dogecoin, XRP, and others. According to data platform Kaiko, altcoins weekly trading volume surged past $300 billion for the first time since 2021. 

🚀Altcoin weekly trading volume surged past $300B for the first time since 2021.

👉DOGE, XRP, SOL, and PEPE made up 60% of the volume last week. pic.twitter.com/bAqeIkQWPg

— Kaiko (@KaikoData) November 18, 2024

At their peak in 2021, volumes peaked at nearly $500 billion.

For context, weekly trading volume refers to the total value of all transactions conducted across exchanges within a seven-day period. The metric indicates market activity and liquidity, with higher volume suggesting heightened trading activity. 

XRP, DOGE, and Others Dominate

According to Kaiko, DOGE, XRP, SOL, and PEPE led the volume, making up 60% of the volume last week.

The heightened market activity around DOGE and XRP can be attributed to the recent positive news surrounding their ecosystems. 

President-elect Donald Trump recently appointed Dogecoin-loving billionaire Elon Musk and entrepreneur Vivek Ramaswamy to lead a new initiative dubbed the Department of Government Efficiency (DOGE). The initiative aligns with Musk’s reputation for cost-cutting and aims to cut redundant regulations, eliminate wasteful spending, and restructure federal agencies.

Following the news, DOGE witnessed a sharp notable rise of 10%. Since the announcement, the meme coin has risen more than 25%.

On the other hand, XRP crossed the $1 mark for the first time since 2021, after the United States Securities and Exchange Commission (SEC) chair Gary Gensler released a statement suggesting his possible departure. Under his leadership, Ripple has been in a legal battle with the agency concerning the classification of XRP as an asset or a security.

Surge in Investor Interest or Sell-Off?

While a rise in trading volume signals increased market activity, several factors might be at play here. Increased trading volume can either suggest strong investor interest in altcoins or significant sell-offs. Increased interest can help boost prices, while a sell-off can drive prices down.

At the time of writing this line, XRP is up 90% over the past week, DOGE is up 28%, and SOL and PEPE have increased by 11% and 75%.