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.

Daily Dogecoin volume has soared to nearly $1B in Q2

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.

Read: Ethereum co-founder Anthony Di Iorio quits crypto over safety concerns

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