Due to a bearish trend in the crypto market, Dogecoin trading volume in the first quarter of 2022 was almost three times lower than that of the first quarter of 2021.
Dogecoin, like most digital assets, is trying to weather the bearish market trend in 2022 after reaching new milestones in May 2021.
According to Be[In]Crypto Research, there was a huge decline in the trading volume of the largest meme-inspired cryptocurrency by market capitalization in the first three months of 2022.
Dogecoin’s trading volume in the first quarter of the year was in the region of $77.51 billion.
This was a 66% drop in the trading volume recorded between January and March of 2021 of approximately $228.27 billion.
Bearish crypto market sinks trading volumes
A fall in investor interest in cryptocurrencies began in December 2021 and was deepened by the Russia/Ukraine crisis in February. These issues can largely be attributed to sinking crypto trading volumes in the first quarter of 2022.
In January 2021, the trading volume of Dogecoin was $69.17 billion with a single-day high of around $3.55 billion. With January 2022 continuing to suffer from the bearish trend that started in December 2021, investor interest waned. In January 2022, DOGE’s trading volume was $33.52 billion and had a single-day high of approximately $5.78 billion.
In February 2021, Dogecoin’s trading volume was $120.38 billion with a single-day high in the region of $14.26 billion. A 33% decrease followed, causing volume to fall to $22.44 billion in February 2022.
In March 2021, Dogecoin’s trading volume was $38.71 billion with a single-day high of around $25.4 billion. Despite a slight recovery in the price of DOGE towards the end of the month, DOGE recorded a trading volume of approximately $21.55 billion with a single-day high of $2.02 billion.
DOGE price reaction
Dogecoin opened on Jan. 1, 2022, with a trading price of $0.1705, reached a quarterly high of $0.2032, and closed the first quarter of the year at $0.1378.
Overall, there was a 19% decrease between Dogecoin’s opening and closing price in Q1 2022.
For the sake of comparison, Dogecoin opened on Jan. 1, 2021, with a trading price of $0.004681, reached a quarterly high of $0.08495, and closed the first quarter of 2021 at $0.05366.
Overall, there was a 1,714% spike between DOGE’s opening and closing price in Q1 2021.
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