First Mover Americas: Dogecoin Takes Center Stage
The latest price moves in crypto markets in context for July 26, 2023.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Meme cryptocurrency dogecoin (DOGE) jumped 10% on Tuesday, registering its largest single-day gain since April 3, according to Binance data tracked by charting platform TradingView. The crypto has gained 25% over the past two weeks amid speculation that it could be used as a payment mechanism on the rebranded Twitter platform. "As crypto is entering the summer lull that we initially expected for August, DOGE might be the summer’s highflyer as other crypto themes are taking a backseat,” said Markus Thielen, head of research and strategy at Matrixport “Musk is on a marketing tour in re-inventing Twitter," he added.
Singapore’s High Court has recognized crypto as property capable of being held on trust in a case involving Seychelles-based exchange Bybit and a contractor, according to a court judgment published on Tuesday. Bybit brought a case against Ho Kai Xin, claiming that in breach of her employment contract, she abused her position to transfer over 4.2 million of Tether’s USDT stablecoin to addresses she owned and controlled. Ho also transferred a quantity of fiat currency to her own bank account. “Like any other thing in action, USDT is capable of being held on trust,” said presiding Judge Philip Jeyaretnam.
Nigeria is changing its eNaira model to encourage more use of that central bank digital currency (CBDC), Central Bank of Nigeria (CBN) Acting Governor Folashodun Shonubi said Wednesday. The West African country has been working to push for broader adoption of its eNaira CBDC, which was introduced in October 2021. As of March of this year, the number of eNaira wallets was just 13 million versus the country’s population of nearly 224 million. To boost the service offering and make it more user friendly, CBN upgraded its eNaira app to enable contactless payments, local news outlet The Sun reported earlier in July. The bank didn't provide details of planned changes to the eNaira model and hadn't responded to a request for more information by publication time.
Chart of the Day

- Futures tied to the Bloomberg commodity index have risen by 9% in four weeks to the highest since April 18.
- With China assuring stimulus to counter economic slowdown, futures could rise further, adding to inflation and forcing central banks, including the Federal Reserve, to keep interest rates higher for longer.
- The Bloomberg commodity index comprises comprised of WTI crude oil, brent crude oil, low sulphur gas oil, natural gas, gold, silver, platinum, palladium, copper, zinc, nickel and aluminum.
- Source: TradingView
- Omkar Godbole
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Ce qu'il:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.