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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.
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.
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.