Daily Dogecoin volume soared to nearly $1B during Q2

Buying and selling quantity for Dogecoin (DOGE) elevated by greater than 13 instances in the course of the second quarter of 2021, practically tagging $1 billion each day.

In line with knowledge compiled by Coinbase and reported by Enterprise Insider, Dogecoin buying and selling volumes soared 1,250% between April and June, with $995 million price of DOGE altering palms each day on common in the course of the quarter.

By comparability, Dogecoin’s common each day quantity for the primary quarter was $74 million.

Dogecoin began the yr priced at simply $0.004 and noticed its first uptick in early February when costs jumped 50% when Tesla CEO Elon Musk launched into his Twitter-shilling marketing campaign in assist of the meme coin.

A large rally was to observe as Musk ramped up the Dogecoin hysteria, sending the Shiba Inu-themed coin to an all-time excessive of $0.731 on Could 8. The transfer culminated in a whopping 18,000% acquire for the reason that starting of the yr.

Regardless of many crypto commentators attributing Dogecoin’s meteoric 2021 efficiency to Twitter-shilling from Musk, Enterprise Insider speculated that Dogecoin’s spectacular efficiency wouldn’t have been potential with out the spate of DOGE listings on main exchanges witnessed throughout Q2 — together with Gemini and eToro in Could, and Coinbase in June.

In line with Coinbase’s knowledge, the second quarter additionally noticed international cryptocurrency buying and selling quantity enhance by 32% total, with practically $19 billion price of digital property altering palms each day. The information means that DOGE represented greater than 5% of mixed crypto quantity throughout Q2.

Nevertheless, in its quarterly cryptocurrency report, GoinGecko estimates roughly $81 billion price of digital property have been traded each day throughout Q2, indicating DOGE represented 1.2% of the quarterly crypto quantity.

Associated: Triple-digit features make Dogecoin and Ethereum Basic the highest performers of Q2

Regardless of the report rally, Dogecoin has suffered excessive losses since its all-time excessive, having plummeted 75.3% from its Could 8 all-time excessive of $0.181, in keeping with CoinGecko. Nevertheless, DOGE remains to be up 4,425% for the reason that begin of 2021.

The Tesla CEO seems to have returned to his DOGE-shilling methods, altering his Twitter profile image to don “Doge-eyes” on Sunday to point out his ongoing assist for Dogecoin.

Whereas DOGE rapidly spiked 18% over two hours in response to Musk’s new profile picture on Sunday, its features have been rapidly erased, with the meme coin now buying and selling 2.5% greater than it was previous to Musk altering his profile image.