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Big in Turkey: country ranks highest for Dogecoin searches

By Alara Jordan

12:22, 9 December 2022

Dogecoin meme token
According to the top three Turkish exchanges, crypto traders in Turkey traded close to $700m in BTC, ETH and Doge in a month – Photo: Shutterstock

Cryptocurrency traders in Turkey have topped the rankings for the highest volume of searches for the popular memecoin Dogecoin ($DOGE), according to a recent study.

The rankings, compiled by the crypto education platform Cryptomaniak, show that the Netherlands and Turkey recorded the highest volume for Dogecoin searches, with 8.2% and 5.5% of the population, respectively. However, Turkey, which has a population of 84.7 million, against the Netherlands’ 17.8 million people,  accounted for 4.7 million searches,and  took the number one spot for searches based on sheer numbers.

Users in Turkey also traded more dogecoin than previously before, with investors doubling the total volume of bitcoin and ethereum, according to Binance.

The top three Turkish exchanges, BTCTurk, Bitexen, and Bitexlive, said crypto traders in the country traded close to $700m in bitcoin, ethereum and Dogecoin, with dogecoin leading the way in volume, with $380m.

ETH/USD

3,489.46 Price
-1.060% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

66,806.55 Price
-0.920% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

172.64 Price
-1.280% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.60 Price
-0.360% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Turkey’s inflation soars past $80%

Turkey’s inflation rate currently stands above 80% a year, with analysts expecting the figure to pass a staggering 90% by year-end. The plummet of Turkey's national currency, the Turkish lira, which has devalued by more than 50%, as well as the soaring rise of the cost of living, has put pressure on residents to look for new opportunities amid the national economic crisis.

Turkey’s inflation hit new records in 2022 and could be one of the reasons behind the growing appetite towards trading digital currencies. The country also topped the rankings for the country with the highest volume of cryptocurrency users, at 25.8%, ahead of countries such as the US, South Africa and the Netherlands. 

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Dogecoin price up 2%

Dogecoin shot up in price in 2021 and recorded its highest price to data of $0.5811 in July. At the time of writing, DOGE is currently changing hands at $0.0983 and is up 2.2% in the last 24 hours.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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