Dogecoin daily volume climbed to almost $ 1 billion in the second quarter

Dogecoin’s trading volume has grown more than 13-fold in the second quarter of 2021, reaching nearly $ 1 billion per day.

According to data compiled by Coinbase and reported by Business Insider, Dogecoin transaction volumes soared 1,250% between April and June, with $ 995 million in DOGE changing hands on average daily during the quarter.

In comparison, Dogecoin’s average daily volume for the first quarter was $ 74 million.

Dogecoin started the year at a price of just $ 0.004 and saw its first rise in early February when prices jumped 50% when Tesla CEO Elon Musk launched his shilling campaign on Twitter in favor of the meme. corner.

A massive rally was to follow as Musk escalated Dogecoin hysteria, sending the Shiba Inu-themed coin to an all-time high of $ 0.731 on May 8. This decision culminated with a whopping 18,000% gain since the start of the year.

Despite many crypto commentators attributing Dogecoin’s meteoric performance in 2021 to the Twitter shilling of Tesla CEO Elon Musk, Business Insider speculates that Dogecoin’s impressive performance would not have been possible without the wave of DOGE listings on major exchanges seen in the second quarter – including Gemini and eToro in May, and Coinbase in June.

According to data from Coinbase, the second quarter also saw the global cryptocurrency trading volume increase by 32% overall, with nearly $ 19 billion in digital assets changing hands on a daily basis. Data suggests that DOGE accounted for over 5% of the combined encryption volume in the second quarter.

However, in its Quarterly Cryptocurrency Report, GoinGecko estimates that around $ 81 billion in digital assets were traded daily during the second quarter, indicating that DOGE represented 1.2% of the quarterly crypto volume.

Related: Triple-digit gains make Dogecoin, Ethereum Classic top performers in Q2

Despite the record rally, Dogecoin has suffered extreme losses since its all-time high, falling 75.3% from its all-time May 8 high of $ 0.181, according to CoinGecko. However, DOGE is still up 4.425% since early 2021.

Tesla’s CEO appears to have reverted to his DOGE habits, changing his Twitter profile picture to “Doge-eyes” on July 18 to show his continued support for Dogecoin.

While DOGE quickly rose 18% in two hours in response to Musk’s new profile picture on Sunday, his gains were quickly wiped out, with the meme-coin now trading 2.5% more than before than Musk. does not modify his profile picture.