According to data compiled by Coinbase and reported by Business Insider, Dogecoin trading volume increased 1,250% in the second quarter, reaching $ 995 million per day.

By comparison, the average daily trading volume of Dogecoin was around $ 74 million in the first quarter.

Dogecoin starts at just $ 0.004 in 2021 and is up 50% in early February as Elon Musk launches a Twitter meme coin campaign

A massive rally ensued as Musk repeatedly talked about Dogecoin, which drove the Shiba Inu coin to an all-time high of $ 0.731 on May 8th. The move culminated in a whopping 18,000% year-to-date increase.

Although many crypto commentators attribute Dogecoin’s stellar performance in 2021 to Elon Musk’s tweets, Business Insider speculates that the meme coin’s impressive performance would not have been possible without them.

According to Coinbase data, the second quarter also saw global crypto trading volume grow by a total of 32%, with nearly $ 19 billion in crypto traded daily. The data shows that DOGE accounted for more than 5% of the crypto trading volume in the second quarter.

However, in its quarterly report, GoinGecko estimated around $ 81 billion in daily cryptocurrencies traded in the second quarter, showing that DOGE accounted for only 1.2% of crypto trading volume in the quarter.

According to CoinGecko, despite its record profits, Dogecoin has suffered heavy losses since its all-time high, falling 75.3% from its all-time high. However, since early 2021 it’s still up 4,425%.

Elon Musk is promoting Dogecoin again, changing his Twitter profile picture to “Doge-Eyes” on July 18th to show his continued support for DOGE.

While DOGE briefly rose 18% in two hours in response to Musk on Sunday, that gain was quickly undone. DOGE is now trading 2.5% higher than before Musk changed his profile picture.

DOGE price table | Source: Tradingview

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According to Cointelegraph

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