June 13, 2024

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Citizens in Turkey have traded over $380 million in Dogecoin over the past 30 days. This is more than both Bitcoin and Ethereum volumes combined.

Turkish citizens are taking to Dogecoin (DOGE), with the meme coin becoming the most traded asset in recent times. Trading volume data over the last 30 days from the top 3 exchanges show that the meme coin has seen over $380.3 million traded.

Dogecoin (DOGE) trading volume on top 3 crypto exchanges: Nomics

This is more than the trading volume of BTC and ETH combined. The latter two respectively amassed trading volumes of $154.4 million and $142.6 million. The three exchanges that were examined are BTCTurk, Bitexen, and Bitexlive.

Dogecoin has seen a remarkable surge in price, largely due to Elon Musk’s takeover of Twitter. Musk is known to be a supporter of Dogecoin and even posted a related photo recently. DOGE fell from its massive high, and it’s likely that some Turks were hoping to cash in on the pump.

Cryptocurrencies are popular among citizens in Turkey, though the country’s leaders have been far more reserved. The country has faced high inflation, and it could be one of the reasons behind the growth in crypto investment.

Turks turn to Dogecoin as lira continues to tumble

Crypto investing in Turkey spiked in 2022, with Turks using the crypto market as a hedge against the Lira. The country’s currency has been experiencing a lot of stress due to an economic crisis.

Turkey inflation rate: TradingEconomics.com

The Lira’s steady decline has pushed Turks to the crypto market. High inflation has done the same, and this is also observable in countries like Argentina and Venezuela. These counties have also seen an influx of investment as their currencies have fallen.

Turkish President Erdoğan, speaking at a recent summit, said that blockchains had valuable use cases like managing supply chains. He also said that Turkey would create its own metaverse and is also launching an e-Human project. Turkey joins countries like South Korea and Japan in announcing web3 initiatives.

Erdoğan also advised against investing in crypto. Regulators have also been making efforts, with new amendments related to AML and KYC recently introduced. The country outlawed crypto payments in 2021.

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