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Dogecoin (DOGE) trading volumes hit billions of dollars in 2021

Listed on major exchanges, the meme tokenโ€˜s average daily trading volume surged during the second quarter of the year.

Dogecoin (DOGE) trading volumes hit billions of dollars in 2021
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Data compiled by Coinbase shows that Dogecoin (DOGE) trading volumes surged 1,250% in the second quarter of 2021, as reported by Business Insider.

During this period, the American cryptocurrency exchange platform recorded an average of $995 million in Dogecoin trading daily.ย 

Almost $1 billion worth of Dogecoin changing hands daily

The cryptoโ€™s average daily volume was $74 million during the first quarter of the year, meaning the metric witnessed a staggering 13-fold boost between April and July.

The meme token started the year modestly at around $0.004 but witnessed a massive rally, soaring more than 15,000% to above $0.70 in May.

Tesla CEO, who has been shilling Dogecoin on Twitter since February, escalated the meme tokenโ€™s popularity, which got listed on major exchanges, including Gemini eToro and Coinbase, later in this yearโ€™s second quarter.

Following the downward market trend, Dogecoin experienced significant losses since its all-time high at $0.75 on May 8, falling 78%.ย 

The entire crypto market witnessed plenty of action during the turbulent second quarter as the global cryptocurrency trading volume increased by 32%, according to data from Coinbase, which suggests Dogecoin accounted for more than 5% of the combined encryption volume.

Muskโ€™s most recent shilling campaign efforts

Muskโ€™s habit of displaying his support for Dogecoin lingers, while helping the meme token to remain in the center of attention.ย 

Over the weekend the dogecoin-touting Tesla CEO changed his Twitter profile picture to an image of him wearing sunglasses reflecting a Shiba Inu dog.

โ€œLil X is hodling his Doge like a champ. Literally never said the word โ€œsellโ€ even once,โ€ said Musk in a tweet as his most recent shilling campaign efforts affected the tokenโ€™s price once again.

After a short 18% pump, the tokenโ€™s price got corrected and currently resides at about $0.16.

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