Data put together by Coinbase reveals that Dogecoin (DOGE) trading volumes rose 1,250% in the 2nd quarter of 2021, as reported by Business Insider.
During this duration, the American cryptocurrency exchange platform taped a typical of $995 million in Dogecoin trading daily.
Almost $1 billion worth of Dogecoin altering hands daily
The crypto’s typical day-to-day volume was $74 million throughout the very first quarter of the year, indicating the metric saw a shocking 13-fold improve in between April and July.
The meme token began the year decently at around $0.004 however saw a huge rally, skyrocketing more than 15,000% to above $0.70 in May.
Tesla CEO, who has actually been shilling Dogecoin on Twitter because February, intensified the meme token’s appeal, which got noted on significant exchanges, consisting of Gemini eToro and Coinbase, later on in this year’s 2nd quarter.
Following the down market pattern, Dogecoin experienced substantial losses because its all-time high at $0.75 on May 8, falling 78%.
The whole crypto market saw plenty of action throughout the rough 2nd quarter as the international cryptocurrency trading volume increased by 32%, according to information from Coinbase, which recommends Dogecoin represented more than 5% of the combined file encryption volume.
Musk’s newest shilling project efforts
Musk’s practice of showing his assistance for Dogecoin remains, while assisting the meme token to stay in the center of attention.
Over the weekend the dogecoin-promoting Tesla CEO altered his Twitter profile image to an image of him using sunglasses showing a Shiba Inu canine.
“Lil X is hodling his Doge like a champ. Literally never said the word “sell” even when,” stated Musk in a tweet as his newest shilling project efforts impacted the token’s rate when again.
Lil X is hodling his Doge like a champ. Literally never ever stated the word “sell” even when!
— Elon Musk (@elonmusk) July 17, 2021
After a brief 18% pump, the token’s rate got fixed and presently lives at about $0.16.
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