The trading volume of Dogecoin increased by more than 13 times in the second quarter of 2021, approaching USD 1 billion per day.
According to data compiled by Coinbase and reported by Business Insider, Dogecoin transaction volume surged by 1,250% between April and June, and an average of $995 million in DOGE changed hands every day during the quarter.
In comparison, Dogecoin’s average daily trading volume in the first quarter was $74 million.
The price of Dogecoin was only $0.004 at the beginning of the year, and it rose for the first time in early February, when the price rose by 50% Tesla CEO Elon Musk started his Twitter Shilling Movement Support meme coins.
As Musk intensified Dogecoin’s hysteria, a large-scale rebound followed. On May 8, the Shiba Inu-themed coin hit a record high of US$0.731. Since the beginning of this year, this move has finally achieved an astonishing increase of 18,000%.
Although many crypto commentators attribute the rapid performance of Dogecoin in 2021 to Tesla CEO Elon Musk’s Twitter shilling, Business Insider Speculate Without the large number of DOGE listings on major exchanges (including Gemini and eToro in May and Coinbase in June) witnessed in the second quarter, the impressive performance of Dogecoin would not be possible.
According to Coinbase data, the global cryptocurrency trading volume also increased by 32% in the second quarter, with nearly $19 billion in digital assets changing hands every day. Data shows that DOGE accounted for more than 5% of the total cryptocurrency trading volume in the second quarter.
However, in its quarterly cryptocurrency report, GoinGecko estimates that there were approximately $81 billion in digital asset transactions every day in the second quarter, indicating that DOGE accounted for 1.2% of quarterly crypto transactions.
Despite the record rebound, Dogecoin has suffered huge losses since it created a new historical highAccording to CoinGecko’s data, it has fallen by 75.3% from the all-time high of $0.181 set on May 8. However, since the beginning of 2021, DOGE has still risen by 4,425%.
The Tesla CEO seems to have returned to his DOGE shilling method and changed his Twitter profile picture to “Doge-eyes” on July 18 to show his continued support for Dogecoin.
Although DOGE responded to Musk’s new profile picture on Sunday, which quickly soared by 18% within two hours, the increase was quickly erased. The current trading price of memecoin is 2.5% higher than before Musk’s change of profile picture. .