The Dogecoin volume rose by 1,250 % in the second quarter to $ 1 billion a day: Coinbase report
The Dogecoin volume rose by 1,250 % in the second quarter to $ 1 billion a day: Coinbase report
- Elon Musk's favorite cryptocurrency Doge recorded a massive quarter in the second quarter of this year because it achieved an average trading volume of almost $ 1 billion a day.
- Dogecoin benefited from Elon Musk and a variety of other prominent and new offers on stock exchanges such as Gemini and Coinbase.
Everyone most popular Memecoin recorded massive growth in the second quarter of the year, as new data now show. Dogecoin became a crypto leg in the second quarter, and as shown by Coinbase, the trading volume was there to support the hype. Doge recorded almost one billion dollars of trades every day, boosted by Schilling by Elon Musk and several other celebrities, a price increase that attracted the attention of millions of dealers and notations on new stock exchanges such as Coinbase and Etoro.
The data show that Dogecoin cost an average of $ 995 million between April and June. This was an increase of only $ 74 million a day in the first quarter of the year, which corresponds to an increase of 1,250 percent.
The data from Coinbase, the Business Introduction has taken an exclusive look at it, shows that the commercial volume of Ethereum in the quarterly comparison 53 percent has increased to an average of $ 3.25 billion a day. At Bitcoin, the story was different because it dropped to an average of $ 4 billion.
Elon Musk, new offers and price pumps bring Dogecoin to new heights
for Dogecoin quickly came after the other in the quarter. However, everything else fades for Doge compared to what Tesla, Elon Musk did. The "dog father"-as some lovingly called him-scolded the crypto on every occasion that he got, from his countless "Doge to the Moon" tweets to his appearance at Saturday.
This attention from investors and coordinated efforts to pump the price via Reddit and other platforms caused cryptocurrency to increase by 18,000 percent between January and mid -May. Doge started the year at only $ 0.004, but in May it had reached over $ 0.70. At that time, its market capitalization was over $ 95 billion and was once only behind Bitcoin and Ethereum, even larger than companies such as General Motors, BP, Uber and Fedex.
The general market crash, however, has caught up with the dog crypto and is now traded at $ 0.178, which corresponds to a decrease of 75 percent in May. Nevertheless, it has still increased by more than 4,400 percent since the beginning of the year.
While Elon Musk critically opposed to the rise of Dogecoin - He still costs the Memecoin -the listing of top-exchanges was also important. In the second quarter, American investors had the chance to bet on his success after the market leader Coinbase and the Winklevoss-led Gemini listed it. Elsewhere, the leading social trading platform Etoro has listed the token as well as several other smaller exchanges.
Dogecoin has become such an important cryptocurrency for stock exchanges that Robinhood-which is primarily a stock trading app-warns that its income could be affected if the popularity of Dogecoin wanes. The Memecoin accounted for 34 percent of the platform in the first quarter, and while the numbers have not yet been published for the second quarter, this percentage is expected to be much higher.
Read more: Robinhood warns in the IPO registration that the income could be impaired by the popularity of Doge
Source: Crypto-news-flash.com
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