Dogecoin’s daily volume increased more than 13 times in Q2, 2021
In the second quarter of 2021, Dogecoin’s trading volume increased more than 13 times, almost reaching $1 billion daily.
Dogecoin’s trading volume grew 1250% between April and June, according to the Coinbase data published by Business Insider. For the entire quarter, DOGE went from hand to hand every day for $995 million.
In early 2021, Dogecoin was trading at $0.004. And in February, after Elon Musk’s tweet, it skyrocketed in price by 50%.
Business Insider analysts believe that the staggering rise in the coin rate was not only due to Elon Musk’s support for the meme coin. According to the analysts, most of the success has come from the listing of Dogecoin on major popular exchanges like Gemini, eToro and Coinbase.
Global cryptocurrency trading volume increased 32% overall in the second quarter, according to the Coinbase data. Also in the second quarter, more than 5% of the total volume of cryptocurrency accounted for DOGE.
However, according to GoinGecko, DOGE accounts for 1.2% of the quarterly volume of cryptocurrencies. Despite a record rally, Dogecoin is down 75.3% from a May 8 all-time high of $0.181. But since the beginning of 2021, the DOGE rate has grown by 4425%.