DOGE, Elon Musk’s preferred cryptocurrency, had a huge quarter in Q2 this year, with trade volume averaging around $1 billion per day.
Dogecoin has benefited from celebrity endorsements from Elon Musk and a slew of other celebrities, as well as fresh listings on exchanges like Gemini and Coinbase.
According to recent data, everyone’s favorite memecoin had significant growth in the second quarter of the year. In Q2, Dogecoin established itself as a crypto mainstay, and as data gathered by Coinbase indicates, the trade volume was sufficient to back up the hype. DOGE saw nearly $1 billion in daily trading, helped by celebrity endorsements from Elon Musk and others, a price increase that drew the attention of millions of traders, and the addition of new exchanges like Coinbase and eToro.
Between April and June, Dogecoin had an average market cap of $995 million, according to the data. This was increased from just $74 million each day in the first quarter of the year, a 1,250 percent increase.
According to Coinbase data obtained exclusively by Business Insider, daily Ethereum trade volume increased by 53% quarter-over-quarter to $3.25 billion. The story was different for Bitcoin, which fell 14% to an average of $4 billion.
Dogecoin soars to new heights thanks to Elon Musk, new listings, and price boosts.
The quarter saw Dogecoin get one bit of excellent news after another. All else, however, pales in contrast to what Tesla’s Technoking, Elon Musk, done for DOGE. From his endless “DOGE to the moon” tweets to plugging it on his appearance on Saturday Night Live, the ‘Dogefather,’ as he was affectionately known, pushed the cryptocurrency at every opportunity.
Between January and mid-May, investors’ attention and coordinated efforts to pump the price via Reddit and other sites saw the cryptocurrency rise by 18,000 percent. DOGE began the year at a low of $0.004, but by May, it had risen to more than $0.70. Its market capitalization was over $95 billion at the time, making it the third largest cryptocurrency after Bitcoin and Ethereum, and even larger than GM, BP, Uber, and FedEx.
The broader market slump, however, has caught up with the dog-themed cryptocurrency, which is now trading at $0.178, down 75% from its May highs. Despite this, it has increased by more than 4,400% since the beginning of the year.
While Elon Musk was instrumental in Dogecoin’s ascent (and continues to promote the memecoin), its inclusion on major exchanges was equally crucial. After market leader Coinbase and Winklevoss-led Gemini launched it in Q2, American investors were able to bet on its performance. The token was also listed on eToro, a popular social trading platform, as well as several other smaller exchanges.
Dogecoin has become such an essential cryptocurrency for exchanges that Robinhood, which is largely a stock trading app, has warned that if Dogecoin’s popularity declines, its income may be impacted. In Q1, memecoin accounted for 34% of all crypto transactions on the site, and while data for Q2 have yet to be disclosed, this percentage is projected to be substantially higher. In its IPO filing, Robinhood warns that the popularity of DOGE may have an impact on revenue.
Coinbase Dogecoin/n
