Dogecoin daily volume climbs to nearly $ 1 billion in the second quarter

Dogecoin trading volume increased more than 13x in the second quarter of 2021, reaching nearly $ 1 billion per day.

According to data compiled by Coinbase and reported by Business Insider, Dogecoin trading volume increased 1,250% between April and June, with an average of $ 995 million in DOGE value changing hands.

For comparison, the average daily volume of Dogecoin was $ 74 million in the first quarter.

Dogecoin started the year at just $ 0.004 and bounced back for the first time in early February when the price rose 50% when Tesla CEO Elon Musk launched his Twitter referral campaign in favor of the meme coin.

A massive rally ensued as Musk escalated the Dogecoin hysteria, catapulting the Shiba Inu coin to an all-time high of $ 0.731 on May 8 for the year.

Although many crypto commentators attribute Dogecoin’s 2021 performance to Twitter’s objections from Tesla CEO Elon Musk, Business Insider speculates that Dogecoin’s impressive performance without the 2nd.

According to Coinbase data, global crypto trading volume rose 32 percent overall in the second quarter, with nearly $ 19 billion in digital assets being transferred daily. The data shows that DOGE accounted for more than 5% of the combined crypto volume in the second quarter.

However, in its quarterly crypto report, GoinGecko estimated that around $ 81 billion worth of digital assets were traded daily for the second quarter, showing that DOGE accounts for 1.2% of crypto volume.

Connected: Three-digit increases make Dogecoin and Ethereum Classic the top performers in the second quarter

According to CoinGecko, despite its record profits, Dogecoin has suffered heavy losses since its all-time high, down 75.3% to $ 0.181 from its all-time high on May 8, according to CoinGecko. However, DOGE is still up 4,425% since early 2021.

The Tesla CEO appears to have returned to his scaled-down DOGE way, changing his Twitter profile picture to “Doge-Eyes” on July 18 to show his continued support for Dogecoin.

While DOGE briefly skyrocketed 18% on Sunday within two hours of Musk’s new profile picture, its profits were quickly wiped out, with the meme coin now trading 2.5% higher than before when Musk changed his profile picture .