The country where DOGE cryptocurrency is more popular than bitcoin and ethereum has been named

Over the past 30 days, Turkish citizens have made over $ 380 million worth of transactions with Dogecoin, which is more than the volume of bitcoin and ethereum in the country combined. Transactions with the meme coin reached more than $ 380.3 million, while those with BTC amounted to $ 154.4 million and ETH to $ 142.6 million. The study was conducted on three exchanges: BTCTurk, Bitexen, and Bitexlive.

Cryptocurrencies are gaining popularity among Turkish citizens. The country is facing high inflation, and this is the main reason for the growth of cryptocurrency investments. Deposits in digital currencies in Turkey increased sharply in 2022, when Turks started using the cryptocurrency market as a hedge against the depreciation of the national currency, the lira.

Earlier, Turkish President Recep Tayyip Erdogan advised the public to abandon cryptocurrency investments, and a year ago, the country banned cryptocurrency payments altogether. However, this year, the head of the country demonstrates radically different views on the digital asset sector: the Central Bank of Turkey (TCMB) plans to launch a state-owned cryptocurrency in 2023. It is worth noting that the Turkish government talked about the possibility of issuing CBDCs last year in September. At that time, it was assumed that the national cryptocurrency would complement the existing payment infrastructure and help the country fight the crisis.

It should be added that at the time of writing, the DOGE meme-coin is trading at $ 0.12, which is 5.48% less than the previous day. The meme-coin's market capitalization amounted to $ 15.92 billion, and daily trading transactions exceeded $ 247.4 million.