Why Is Dogecoin Shooting Higher This Week?

Popular cryptocurrency Dogecoin (CRYPTO: DOGE) has seen its value shoot higher over the past week. As of late Thursday afternoon, the price per token had gone up 24% since last Friday. And it's up roughly 50% over the last couple of weeks. That's a big return in a short period of time for anyone holding it.

It's hard to point to anything specific with Dogecoin that would explain its outsize move higher. But there's an important general trend to note. It turns out that retail investors are still trading crypto, a lot! Coinbase Global, which enables the trading of cryptocurrencies, reported quarterly financial results earlier this week. The company said that monthly transacting users (MTUs) on its platform increased a whopping 44% just from the previous quarter. Moreover, trading volume increased 38% during this time.

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Source Fool.com