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Daily Dogecoin Volume Increased To Almost $1B through Q2

DOGE is projected to have represented up to 5% of all crypto volume during the second quarter of 2021, increasing by more than 13 times and nearly tagging $1 billion daily.

According to a report by Business Insider and data by Coinbase, the increase was 1,250% between April and June, with $995 million worth of DOGE being traded during the quarter. When compared with Dogecoin’s average daily volume for the first quarter that was $74 million, This represents a huge enhancement.

Starting the year, Dogecoin was priced at just $0.004 and had its first boost in early February when prices jumped 50% after Tesla CEO Elon Musk boarded on his Twitter-shilling campaign in backing of the meme coin. His support looked like he might have been short-lived but that has gone on to become far from the case.

A recuperation happened when Musk boosted the Dogecoin hysteria, bringing the Shiba Inu-themed coin to an upper of $0.731 on May 8. The change peaked in a glaring 18,000% earning since the beginning of the year.

Despite the association of Dogecoin’s 2021 output to Twitter-shilling from Musk, there was a speculated that Dogecoin’s performance would not have been achievable without the DOGE listings on major exchanges witnessed during Q2, including Gemini and eToro in May, and Coinbase in June.

There was an increase in the second quarter by 32% overall, with nearly $19 billion worth of digital assets changing hands daily. The data implies that DOGE represented more than 5% of the combined crypto volume during Q2.

Although that, GoinGecko regards nearly $81 billion worth of digital assets were traded daily during Q2, indicating DOGE represented 1.2% of the quarterly crypto volume.

Elon Musk keeps supporting Dogecoin, changing his Twitter profile picture to don “Doge-eyes” on Sunday. While DOGE fastly soared 18% over two hours in reply to his profile image, its winnings were quickly erased, with the meme coin now negotiating 2.5% higher than it was before Musk’s profile image uploaded.

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