Daily Dogecoin volume has soared to nearly $1B in Q2
Dogecoin trading volume has increased by more than 13 times during the second quarter of 2021.
According to the report from Business Insider, Trading volume for the biggest meme crypto has soared 1,250% between April and June, with $995 million worth of DOGE on average changing hands on a daily basis during the quarter. Dogecoin’s average daily volume for the first quarter was $74 million.
Dogecoin started the year with the price of just $0.004 and saw its first uptick in early February when prices jumped 50% when Tesla CEO Elon Musk embarked on his Twitter-shilling campaign in support of the meme-coin.
A massive rally was to follow as Musk ramped up the Dogecoin hysteria, sending the Shiba Inu-themed coin to an all-time high of $0.731 on May 8. The move culminated in a whopping 18,000% gain since the beginning of the year.
As many crypto proponents attributing Dogecoin’s meteoric 2021 performance to Twitter-shilling from Tesla CEO, Elon Musk, Business Insider speculates that Dogecoin’s impressive performance would not have been possible without the spate of DOGE listings on major exchanges witnessed during Q2 — including Gemini and eToro in May, and Coinbase in June.
According to data from Coinbase, the second quarter also saw global cryptocurrency trading volume increase by 32% overall, with nearly $19 billion worth of digital assets changing hands daily. The data suggest that DOGE represented more than 5% of the overall crypto volume during Q2.
GoinGecko in its quarterly cryptocurrency report estimates roughly $81 billion worth of digital assets were traded daily during Q2, indicating DOGE comprised 1.2% of quarterly crypto volume.
Despite the noticeable trading volume, Dogecoin has suffered extreme losses since its all-time high, having plummeted 75.3% from its May 8 all-time high of $0.181. However, DOGE is still up 4,425% since the start of 2021.