Dogecoin Trading Volume Shoots Up to $1B in Q2. A lot of people have been asking, so it’s time for an update. Q2 is shaping up to be a very big quarter for the Dogecoin community. We reached $1 billion Dogecoin trading volume on July 22 and have since seen steady increases.
Just when you thought the Dogecoin price couldn’t get any higher, the market cap for the Dogecoin has now surpassed $1 billion dollars. With such a high volume of Dogecoin transactions, it’s time for the question to be raised: is Dogecoin a blockchain network that will be dominant in the years to come?
The value of Dogecoin is increasing quickly: it was trading at around $0.0005 when we first wrote about it last year, and after a few months it reached $1.00. Now, it’s worth about $0.0007.. Read more about dogecoin price and let us know what you think.
In the second quarter of 2021, trade volumes for the well-known meme-coin (DOGE) increased by 1250 percent, approaching $1 billion. Coinbase, the world’s largest cryptocurrency exchange, has achieved this outstanding achievement. Dogecoin is a famous cryptocurrency with a large number of investors, and it is also the preferred coin of Tesla CEO Elon Musk. Musk’s comment has a significant impact on the price of Dogecoin.
DOGE in the Cryptocurrency Market
Furthermore, Dogecoin’s average daily volume in the first quarter was just $74 million per day. The meme coin’s value then skyrockets to $995 million each day in the months of April through June. In particular, despite turbulent markets, total worldwide DOGE trading volumes increased to $18.82 billion per day. However, owing to large trading volumes, extreme volatility is always a danger for crypto collapses.
At the start of the year 2021, the market price of Dogecoin was $0.004. The price then steadily increased by 50% as a result of Musk’s tweet on the dogecoin. The researchers were interested about Musk’s actions on cryptocurrency pricing in February. The researchers used the technique to find six tweets from 2020 and 2021 that had a greater impact on DOGE trade volume.
As a result, certain celebrities have more influence over cryptocurrency price fluctuations. For example, on May 8th, 2021, the Shiba Inu-themed coin reached an all-time high of $0.731. Also, following a barrage of tweets from Musk, DOGE’s market value plummeted by 75% from its all-time high of $0.181.
Dogecoin is still a viable option.
Despite many debates and disagreements from crypto proponents, Elon Musk, and investors, Dogecoin’s performance remains strong. It competes with the most well-known digital currencies, such as Bitcoin and Ether. Furthermore, Ethereum is advancing at a rate of 53 percent each day on worldwide exchanges. Bitcoin, on the other hand, has lost 14% of its value on the crypto market. As a result, Ethereum has surpassed Bitcoin in the cryptocurrency market. The major causes for bitcoin’s decline are China’s ban on bitcoin mining and Musk’s decision to stop accepting bitcoin payments for Tesla goods.
Moreover, during the second quarter of the year, the world’s major crypto exchanges added Dogecoin to their platforms. From May, Doge will be accessible on Gemini and eToro, as well as Coinbase in June. Furthermore, Coinbase discloses total cryptocurrency trading volumes, which indicate a 32 percent rise in daily crypto transactions worth $19 billion. As a result, this data covers more than 5% of DOGE transactions in the second quarter.
At the time of writing, the price of Dogecoin was $0.176853 USD, according to CoinMarketCap. More importantly, these digital currencies now play an important role in all sectors and companies. As a result, by the year’s conclusion, its prices reached new highs.
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According to data from Blockchain.info, Dogecoin trading volume in Q2 increased by an astonishing 6,000%. The average daily trading volume of the cryptocurrency is a little over $70 million, a figure that is more than three times that of the second-place alt coin, Ethereum.. Read more about dogecoin vrednost and let us know what you think.
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