During the second quarter, daily Dogecoin volume increased to over $1 billion.

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DOGE is predicted to have accounted for up to 5% of total crypto volume in the second quarter of 2021.

Dogecoin trading volume grew more than 13 times during the second quarter of 2021, approaching $1 billion per day.

Dogecoin trade volumes increased 1,250 percent between April and June, according to Coinbase statistics cited by Business Insider, with $995 million worth of DOGE passing hands daily on average throughout the quarter.

Dogecoin’s average daily volume in the first quarter was $74 million.

 

Dogecoin began the year at $0.004 and experienced its first price increase in early February, when Tesla CEO Elon Musk launched a Twitter shilling effort in favour of the meme-coin.

A huge surge ensued as Musk fueled Dogecoin mania, propelling the Shiba Inu-themed currency to an all-time high of $0.731 on May 8. Since the beginning of the year, the move has resulted in a staggering 18,000 percent increase.

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Despite many crypto commentators attributing Dogecoin’s meteoric 2021 performance to Twitter-shilling from Tesla CEO, Elon Musk, Business Insider speculates that Dogecoin’s impressive performance would not have been possible without the spate of DOGE listings on major exchanges witnessed during Q2 — including Gemini and eToro in May, and Coinbase in June.

According to Coinbase’s data, the second quarter also saw global cryptocurrency trading volume increase by 32% overall, with nearly $19 billion worth of digital assets changing hands daily. The data suggests that DOGE represented more than 5% of combined crypto volume during Q2.

However, in its quarterly cryptocurrency report, GoinGecko estimates roughly $81 billion worth of digital assets were traded daily during Q2, indicating DOGE comprised 1.2% of quarterly crypto volume.

Despite the record surge, Dogecoin has experienced significant losses since its all-time high, falling 75.3 percent from its all-time high of $0.181 on May 8, according to CoinGecko. DOGE, on the other hand, has risen 4,425 percent since the beginning of 2021.

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Tesla CEO Elon Musk appears to have reverted to his DOGE-shilling ways, changing his Twitter profile image to done “Doge-eyes” on July 18 to express his continued support for Dogecoin.

While DOGE surged 18% in two hours in response to Musk’s new profile photograph on Sunday, the gains were swiftly reversed, with the meme-coin presently trading 2.5 percent higher than it was before Musk changed his profile picture.

 

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