DOGE’s Surge Driven by Chinese Buyers? Data Shows 80% of Volume Comes from Stablecoin Pairs

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The phrase "to the moon" has long been crypto slang for explosive price growth. But this time, it might not just be hype. In early April, Elon Musk reignited the Dogecoin (DOGE) frenzy with a tweet announcing that SpaceX would launch a DOGE coin to the moon. The market reacted swiftly: DOGE surged past $0.10 on April 14 and hit an all-time high of $0.43 by April 19—a 336% gain in just one week. Over 30 days, its return skyrocketed from 113% to 587%, pushing its market cap into the top 10 cryptocurrencies.

Behind this rally, what do on-chain metrics reveal about DOGE’s momentum? How does it compare to Bitcoin (BTC), its original inspiration? Who are the key buyers fueling this surge? And how much influence do social media trends really have on price movements?

An analysis of DOGE's market and on-chain data in 2025 reveals several critical insights:

Let’s dive deeper into these trends shaping DOGE’s unexpected breakout.

📈 DOGE Outperforms BTC with 7,000%+ YTD Gains

Since January 1, DOGE climbed from $0.0057 to $0.4073 by April 19—an increase of 7,045.61%. This dwarfs Bitcoin’s year-to-date growth of 89.71%. The real acceleration began in April, when DOGE rocketed from $0.062 to $0.407, gaining over 557% in less than a month.

On April 16 alone, DOGE surged 101.49%, closing at $0.3659 after opening at $0.1816. This momentum dramatically boosted its 30-day return rate, which soared from 64.7% to 586.6%, with a peak reaching 941%—a massive shift from its previously stable trajectory.

In contrast, BTC showed steadier but far more modest gains. Its 30-day return averaged around 33.6% in 2025, up only about 22 percentage points from the previous year.

👉 Discover how market sentiment shifts can trigger explosive crypto moves—before they happen.

🌏 Chinese Users May Be Driving DOGE’s Buying Frenzy

Exchange data suggests that the primary source of buying pressure comes from regions where stablecoin trading dominates—particularly mainland China.

Three major exchanges—Binance, OKX, and Huobi Global—account for 60.21% of all DOGE trading volume, with Binance alone responsible for 34.64%. When including other Asia-focused platforms like KuCoin and Gate.io, exchanges popular among Chinese users collectively handle 68.53% of total DOGE volume.

Even more telling is the dominance of stablecoin pairs. DOGE/USDT accounts for 78.65% of all trading volume. Including other stablecoins like BUSD, HUSD, and USDC pushes the total share of stablecoin-denominated trades above 80%.

Meanwhile, fiat pairs like DOGE/USD and DOGE/EUR make up only about 9% combined.

Given that Chinese investors typically rely on stablecoins due to capital controls and limited direct access to USD trading, this pattern strongly indicates that mainland Chinese users are the core buyers behind DOGE’s rally.

🔗 On-Chain Activity Soars: Fees Up 114x, Settlements Jump 12x

The surge in trading activity is mirrored on the Dogecoin blockchain itself.

In April, the network saw:

For example:

Transaction fees also spiked. Daily average fees jumped from $0.0056 to **$0.64 per transaction—an increase of over 11,350% (or 114x)**. In comparison, Bitcoin’s fees rose “only” 14x during the same period.

Miners benefited significantly: total fees for the year reached **$999,200**, with over half ($563,000) generated in April alone.

This level of network congestion and fee growth hints at speculative trading rather than utility-based usage—but also signals strong short-term demand.

📣 Social Media Buzz Fuels Price Momentum

There’s a clear correlation between online attention and DOGE’s price spikes.

Two major peaks in social engagement occurred in late January and mid-April:

Statistical analysis shows a strong positive relationship:

Similarly, Google Trends data reflects growing mainstream interest:

However, the impact isn’t linear over time—it’s somewhat random. For instance:

Still, one thing is clear: heightened visibility drives buying pressure—fast.

“Is Dogecoin worth holding long-term?” became a trending topic on Weibo after the rally. A survey by 21st Century Business Herald found that only 34.28% believe it is worth holding, while 40.37% disagree—highlighting deep skepticism despite the rally.

❓ Frequently Asked Questions

Q: Why are stablecoins so dominant in DOGE trading?

Most DOGE trading occurs on exchanges used by Chinese investors who face restrictions on fiat currency transfers. Stablecoins like USDT provide a workaround, making them the preferred medium for entering crypto positions—including meme coins like DOGE.

Q: Does high on-chain settlement value mean real adoption?

Not necessarily. While large settlement values suggest strong transactional activity, much of it may stem from speculative trading or wash trading rather than real-world use cases. Context matters—volume without utility doesn’t guarantee sustainability.

Q: Can social media really move crypto prices?

Yes—especially for low-cap or community-driven coins like DOGE. Viral narratives amplify FOMO (fear of missing out), leading to rapid price swings. Influencers like Elon Musk can act as catalysts, turning jokes into market-moving events.

Q: Is DOGE mining becoming more profitable?

Absolutely. With transaction fees up over 100x and price surging, miner revenue has spiked. If this trend continues, more hash power could shift toward Dogecoin—potentially improving network security and reducing congestion over time.

Q: How reliable are correlations between tweets and price?

They’re statistically significant but not predictive with perfect accuracy. High correlation means trends often align—but causation isn’t guaranteed. Other factors like macroeconomic news or exchange listings also play roles.

👉 Stay ahead of viral crypto trends with real-time data and expert insights.

🔍 Core Keywords Summary

This analysis integrates key SEO terms naturally throughout:

These keywords reflect user search intent around DOGE’s performance, drivers of price action, and comparative analysis with BTC—all optimized for discoverability without keyword stuffing.

While Dogecoin began as a joke, its recent performance shows that market dynamics don’t always distinguish between satire and opportunity. With massive gains fueled by Chinese traders using stablecoins, surging on-chain activity, and social media amplification, DOGE has proven capable of capturing global attention—and capital.

Whether this momentum sustains depends on whether speculation transitions into real utility or fades when attention shifts elsewhere.

👉 Monitor live DOGE metrics and track sentiment shifts before the next pump begins.